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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.

Mercedes considering GLA-based crossover coupe

BMW opened a whole Pandora's Box when it introduced the X6 back in 2008. Sure it made little sense, sacrificing all that "utility" for a little more "sport," but it's been a solid success for BMW - especially considering the nominal expense it cost to develop the X6 on top of the X5 on which it's based. Little wonder that, while BMW has already followed up with a smaller version in the form of the X4, other automakers are starting to catch up. And that includes Mercedes-Benz.
The German automaker is preparing to launch a new MLC, based on the M-Class but with a sportier silhouette, and previewed it with the Concept Coupe SUV at the Beijing Motor Show. But that's just the start, according to the latest report from Automotive News Europe.
Mercedes is reportedly considering spinning off an entire line of crossovers more for use on the road than off it. Which may go without saying for most crossovers on the market, but considering the Geländwagen with which Mercedes got its start in SUVs, would mean an even further departure than it has undertaken already.

Mercedes releases first shot of AMG GT3

A week ago we got a rendering of the upcoming race-only Mercedes-AMG GT3, to be shown to the public for the first time at the Geneva Motor Show. Now, Mercedes has let loose a photo of the front of the car and it looks very serious, a trait undoubtedly helped by its link to the past: that grille motif goes straight back to the W154 Silver Arrows pre-war racer driven to the 1938 European Championship by Rudolf Caracciola. Those angry, angled and sunken headlights don't hurt, either. It will be ready in time for the 2016 GT3 season and come loaded with expectations, since the SLS AMG GT3 it replaces has been a victory machine around the world. Unlike that SLS, though, this car will spawn a hardcore road-going version - not to be called GT3 - with less weight and more power, armed to do battle with the coupe that comes first to mind when that alphanumeric is mentioned. With the way the AMG GT S already gobbles up circuits, we're prepared to be impressed by what comes next. Related Video: Featured Gallery Mercedes-AMG GT3: teasers News Source: Mercedes-AMG Motorsports Geneva Motor Show Mercedes-Benz Coupe Racing Vehicles mercedes-amg 2015 Geneva Motor Show gt3 fia gt3 mercedes-amg gt3