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Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

Britain orders 10,000 ventilators from F1/McLaren/Mercedes/Ford/Rolls-Royce/Airbus

Paramedics and ambulance personnel get instructions from a command unit outside London's ExCel Centre arena, which is being turned into a 4,000 bed temporary hospital called NHS Nightingale to deal with coronavirus patients. The hospital is due to open Monday, March 30. / AP     LONDON — Britain has ordered 10,000 ventilators from a consortium of leading aerospace, engineering and Formula One racing companies which will start production this week in response to an urgent government call for industry to help save lives. The 27-strong team, including Airbus, BAE Systems, Ford and Rolls-Royce, have joined forces to ramp up production of a ventilator made by Smiths Group, which supports those with complications from COVID-19. The consortium, which also includes seven Formula One teams including McLaren and Mercedes, home to World Champion Lewis Hamilton, said they had pulled staff off existing projects to meet the national need. Some 1,228 people have died from coronavirus in the United Kingdom and a senior health official said on Saturday the country would be doing well if it manages to keep the death toll below 20,000. "This consortium brings together some of the most innovative companies in the world," Dick Elsy, the head of the consortium, said in a statement. "I am confident this consortium has the skills and tools to make a difference and save lives." The United Kingdom, which initially only had 5,000 ventilators available in its National Health Service, has been trying to secure additional supplies after realising it needed 30,000 to cope with the peak of the outbreak. Prime Minister Boris Johnson, who is now in isolation in Downing Street after testing positive for coronavirus, made an emergency appeal earlier this month for manufacturers to retool their production lines and start making specialist health equipment including ventilators. Britain now has about 8,000 ventilators, with another 8,000 on order from international manufacturers that are due in coming weeks. Last week it placed an order for a newly-designed model from the vacuum cleaner company Dyson that will need to be approved by the health regulator. Mercedes part of a separate effort, too Separately on Monday a second consortium including Mercedes Formula One and other F1 teams said it had developed in less than a week a new version of a breathing aid that can help coronavirus patients.

Range Rover versus Mercedes-Benz: Which makes a more appealing SUV?

From time to time — truth be told, all the time — the Autoblog staff enjoys a good debate on the merits and demerits of the cars and trucks we drive each week. This week, we spent some time in a brand-new Land Rover Range Rover Supercharged SUV, a model some of us think sits at the pinnacle of the luxury utility vehicle segment. Others disagree. The following is a real-life online debate that took place over the course of a few hours. Have a read, and feel free to take sides. There's a poll at the end so you can make your voice heard. Consumer Editor Jeremy Korzeniewski: Strange as it may sound, Jeremy Clarkson and I have a few things in common, most obvious of which is that we share a given name. But we also both love cars so much that we decided to turn our automotive passion into a career — with varying degrees of success, of course — and we both have come to realize over time that there's no point in trying to topple the Land Rover Range Rover as the world's best luxury off-road utility vehicle. Thing is, this universal truth isn't quite as universally shared as I think it should be. In fact, my esteemed colleague Alex Kierstein believes that Mercedes-Benz makes the most desirable four-wheel-drive off-road vehicles. He's clearly wrong, but I feel obligated to let him explain his choice, though it won't go without a rebuttal. Senior Editor Alex Kierstein: That's correct, and so am I in this regard. I'm sorry, Jeremy, but it's an irrefutable fact that Mercedes-Benz is doing the best interiors in the business now. And the interior is where you're going to spend most of your time, at least when the thing's running. The Range Rover's interior simply isn't as special, and frankly it'll be in the shop enough that you won't enjoy it. Now, stepping into pretty much any contemporary Mercedes sedan interior is a "wow" moment. They seem special — posh, exclusive, luxurious. The SUVs, all older vehicles coming due for total redesigns at some point in the future, are lagging a bit, but it's still a premium and upscale experience. Especially since performance is almost academic at this point. Anything in this class is going to be powerful, almost absurdly so. So why not go for the one that makes you feel like royalty, rather than your mechanic? JK: I just want to point out that it was you who brought reliability into this discussion.