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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-Maybach GLS prototype caught testing with its big new grille

The new Mercedes-Benz GLS is a massive tech fortress on wheels, so the Maybach GLS is bound to be a massive tech castle. Last we heard from the gigantic Benz SUV was that it was going to be built at Mercedes’ Alabama plant. With a starting price expected to be around $200,000, itÂ’ll probably be the most expensive vehicle produced in the U.S. These spy shots give us an idea of what weÂ’re going to be looking at when the production SUV is finally revealed. Our first hint that this prototype is a Maybach is the grille. It looks suspiciously similar to the grille on the Vision Mercedes-Maybach Concept with all the vertical slats running down the big maw. Minimal camouflage is disguising the exterior for the most part, but we imagine Mercedes is hiding any of the gaudier parts of the car itÂ’d like to save for a big reveal. The exhaust outlets sure do look a bit different than the regular GLS, but the outside is generally the same as what we see today. As for the interior, thatÂ’s where most of the magic is expected to happen. A significantly overhauled look is inevitable, with the focus on even more luxurious materials than the most expensive norm-core GLS. A rear seat that's fit for a king or two is likely, along with Maybach-exclusive tech to boot. For now, we canÂ’t see in the heavily camouflaged and taped-off windows, leaving us to wonder about the luxury within. This Mercedes-Maybach is expected to compete with other massively expensive SUVs like the Bentley Bentayga or a fully decked-out Range Rover.  Everything thatÂ’s optional on the GLS should come as standard here, including the trick E-Active Body Control suspension. Look for a reveal coming in the not-so-distant future, as this prototype doesnÂ’t look terribly far from production to us. Featured Gallery Mercedes-Maybach GLS View 12 Photos Spy Photos Maybach Mercedes-Benz SUV Luxury

2013 Mercedes-Benz GLK250 Bluetec gets 33 mpg, priced from $38,950*

It's been more than a year since we first saw the 2013 Mercedes-Benz GLK250 Bluetec unveiled at the 2012 New York Auto Show, but it looks like the compact diesel crossover is finally starting to roll into dealerships. Those wanting to buy a diesel GLK will only have to pony up an extra $1,500 over a base, gas-powered GLK350, as the GLK250's starting price is listed at $38,590 (*not including $905 destination charge).
The turbocharged 2.1-liter four-cylinder diesel produces 200 horsepower and 369 pound-feet of torque, and Mercedes-Benz has also provided some fuel economy numbers for this model, with claimed EPA estimates of 24 miles per gallon city and 33 mpg highway. There is no listing for the GLK250 on the EPA's website yet, but the figures represent significant increase over the GLK350's lackluster 19 mpg city and 25 mpg highway figures, which are for the rear-wheel drive model. The GLK250 comes standard with the 4Matic all-wheel-drive system - a $2,000 option on GLK350 - meaning that if you want an all-wheel-drive version of the 2013 GLK, it's actually cheaper to opt for the diesel model. Head over to the Mercedes-Benz site for the full 2013 GLK-Class configurator.