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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.

Race Recap: 2015 US Grand Prix was wet, wild, and historic

Hurricane Patricia made landfall in Mexico this weekend, and made her presence known throughout the South. For two of the three days of the grand prix weekend it rained non-stop in Austin, so badly on Saturday that qualifying had to be postponed until Sunday morning, and then it only stayed dry enough to conduct the first two sessions. At the end of a tricky, slippery Q2 Nico Rosberg had put his Mercedes-AMG Petronas on the front row, one tenth ahead of teammate Lewis Hamilton. The German had done the best he could to keep his hair-thin chances of a World Championship fight alive. Daniel Ricciardo lined his Infiniti Red Bull Racing chassis in third ahead of teammate Daniil Kvyat, both drivers having moved up a place because Ferrari driver Sebastian Vettel took a ten-spot grid penalty for using a fifth engine and dropped to 13th. Continuing the two-up theme, Sergio Perez and Nico Hulkenberg were fifth and sixth for Force India. After that came variety: Felipe Massa in seventh for Williams, Max Verstappen for Toro Rosso in eighth, Fernando Alonso looking good in the rain for McLaren in ninth, and Romain Grosjean for Lotus in tenth. When the lights went out, Turn 1 set the tone. Pole position is on the outside line at Circuit of the Americas, and Hamilton had got himself far enough under Rosberg by the time the two got up the hill that Rosberg had to stick to the outside through the corner. At the corner exit Hamilton used the entire track, pushing Rosberg wide, their cars touching. As Rosberg left the track and dropped back to fourth, Hamilton radioed to the team to say the contact was unintentional. The two Mercedes' and two Red Bulls animated the front. Rosberg passed Ricciardo at the end of a Virtual Safety Car period employed to let the marshals clean the debris at Turn 1. Kvyat started chasing down Hamilton until the Russian ran wide and let Rosberg and Ricciardo through, then Rosberg ran wide on the next lap to let Ricciardo through. On Lap 15, Ricciardo passed Hamilton through the esses to take the lead. After the first round of pit stops the Aussie still had the lead, followed by Rosberg, Kvyat, Hamilton, and Vettel. Then Rosberg got around to take the lead and Vettel closed in on Hamilton as the Brit duked it out with the Russian. Rosberg showed excellent speed, building up a nine-second gap on Ricciardo, but a Safety Car period erased that when Marcus Ericsson had to park his dead Sauber on the inside of the track after Turn 10.

F1 Race recap: 2016 Russian Grand Prix same as it ever was

The three-year-old Sochi Autodrom that hosts the Russian Grand Prix combines beautiful scenery with a hallmark turn 3, a tricky turn 13, and two long DRS zones. So far, however, those haven't added up to exciting races after the first lap. Despite an in-race issue with his car's MGU-K, Mercedes-AMG Petronas driver Nico Rosberg aced the weekend with his first career grand slam: pole position, fastest lap of the race, leading every lap, and victory. Behind him, not much happened on the leaderboard after an incident-filled opening lap. The drama started at turns 2 and 3. Ferrari driver Sebastian Vettel lined up in seventh on the grid because of a five-place gearbox penalty, Red Bull's Daniil Kvyat sat next to him in eighth. Kvyat hit the back of Vettel's Ferrari in the braking zone for Turn 2, shoving Vettel into Daniel Ricciardo – Kvyat's teammate. Kyvat then clobbered the back of Vettel's car at the entry to Turn 3, spinning the German into the wall and out of the race. Kvyat probably regrets saying before the race that he would show Vettel "no mercy" on the first lap. At the back of the grid at Turn 2, Haas F1's Esteban Gutierrez hit Force India's Nico Hulkenberg and Manor's Rio Haryanto. Gutierrez continued, both the Force India and the Manor retired. A brief Virtual Safety Car period ensued, then the actual Safety Car emerged for three laps while marshals cleaned up the track. Mercedes-AMG Petronas driver Nico Rosberg nailed the restart and took off for the rest of the race. Teammate Lewis Hamilton battled his own gremlins all weekend but still finished second, 25 seconds behind Rosberg. During the final qualifying session on Saturday Hamilton's car suffered the same MGU-H failure as in China two weeks ago. The problem relegated him to tenth on the grid. In the race, Hamilton fought his way to second place by Lap 19 out of 53 laps and began closing the 13-second gap to Rosberg. On Lap 37, the gap now under eight seconds, Mercedes told Hamilton his car had a water pressure issue. The malfunction forced the Briton to manage his race and settle for second. Afterward, Hamilton said he was certain he could have won if not for the malfunction. The rest of the top ten barely changed throughout the contest. The first five positions on Lap 21 crossed the finish line in that order 32 laps later. Ferrari's Kimi Raikkonen took the final podium position ahead of the Williams duo of Valtteri Bottas and Felipe Massa.