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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.

Hollywood stars drink hydrogen B-Class F-Cell emission water in Death Valley [UPDATE]

A plug-in electric vehicle can be used to power a house during a winter storm, but if you're more worried about the heat of, say, Death Valley, then maybe you'll want a Mercedes-Benz B-Class F-Cell along. That's the message of a new video from Daimler and starring Diane Kruger (Inglourious Basterds) and Joshua Jackson (Fringe) that promotes the company's hydrogen-powered car. The gist? You can drink the tailpipe emissions. The two Hollywood stars drove in Death Vally without any water in their F-Cell but had a special tank hooked up to the tailpipe to collect the H2O drips as they drove in 100+ degree temperatures. There's a reason these two actors were chosen, since they've been driving an F-Cell in their daily lives for two years, according to the Diamler press release. The text is, shall we say, a bit hyperbolic - "Their lives rely on the emissions of the B-Class F-CELL" it says, totally ignoring the film crew that is obviously along for the ride and more than likely had a few bottles with them. Also, when the California Fuel Cell Partnership promoted the same idea a few years ago, it clarified that, "A fuel cell doesn't produce enough water to fill your glass. ... If fact, fuel cells produce about the same amount of water as gasoline vehicle – about 1/3 cup for a full day of driving." Thus, this whole thing is a Hollywood stunt, but it's a visually effective one. See for yourself in the mini-movie below. UPDATE: Daimler has told AutoblogGreen that there was no "extra Hollywood magic" needed for the water collected in the video. Instead, Madeleine Herdlitschka, who works at global communications for Mercedes-Benz Cars, said, "Considering the technical characteristics, the Mercedes-Benz B-Class F-CELL emits about 9 kg of water vapor per kg of hydrogen while driving. The vehicle has a hydrogen capacity of about 3.7 kg, what is sufficient for a max. of about 400 km of range. A tailor-made construction, designed by the production company Markenfilm Crossing in cooperation with our fuel cell experts, made it possible to collect the water in a tank - previously cooling the vapor with a specially designed pipe system." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Watch Jay Leno's Garage work on a Porsche 911 and others

Jay Leno doesn't just own a bunch of cars – he restores them. (Or has people who restores them, at any rate.) For this latest video, he's showing us some of the projects he and his team are currently working on. The tour-de-garage starts with a 1953 Cunningham that had been in storage since '68, complete with a copper grille ready for plating and a 331 Hemi V8. Jay says that every one of the cars that Briggs Cunningham made is still on the road – but that's just one of the dozen or so projects Jay and company are working on. There's a suitably brown '71 Porsche 911 T in near-original condition having sat untouched parked underground in Beverly Hills for decades, and a '58 Chrysler Imperial convertible once driven by Clark Gable and Frank Sinatra, and now getting a brake upgrade. There's a Volvo 122 wagon that's been stripped down, media-blasted, and powder-coated, a thousand-horsepower Rolls-Royce, a 1960 Nash Metropolitan, a supercharged Mercedes-Benz 600 Pullman, and a 1914 Detroit Electric. And those are just the four-wheeled automobiles. Over in the two-wheeler section there's a pair of Brough Superiors, a BSA, an Indian, and a custom racing sidecar that Jay's mechanic Bernard is working on. In short, Jay Leno's Garage isn't just one where vehicles are kept – it's one where vehicles are brought back to life. Related Video: News Source: Jay Leno's Garage via YouTube Chrysler Mercedes-Benz Porsche Classics Videos Jay Lenos Garage bsa