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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.

2014 Mercedes S-Class priced lower from $92,900*

The massively overhauled 2014 Mercedes-Benz S-Class will start at $92,900, not including a $925 destination fee, when it arrives at US dealers in October. That's a 2.8-percent drop over the 2013 S-Class, although Mercedes is fast to point out that a drop in price doesn't equate with a drop in equipment for the executive sedan.
Besides an extra 20 horsepower from the 4.6-liter, biturbocharged V8, the S550 sports a standard panoramic sunroof, keyless start, a rear-view camera and LED headlights, taillights and interior lights. Adding the German manufacturer's 4Matic all-wheel-drive system bumps the S550's price up to $95,900.
If the S550 doesn't quite cut the mustard, you can wait until November, at which point Mercedes will quite happily sell you the new S63 AMG 4Matic for $139,500. Power is also up on the S63, from a max of 563 ponies with an AMG Performance Package to 577 horsepower as standard on the 2014 model.

Mercedes-Benz GLA Concept crossover leaked ahead of Shanghai debut

With just a few days left before the start of the Shanghai Motor Show, images of the Mercedes-Benz GLA Concept compact crossover have emerged online. The little 'ute is based on the small A-Class hatchback, and though it shares an identical wheelbase, is larger in every other dimension.
Looking like a rough-and-tumble five-door hatchback on the tippy toes of its 20-inch wheels, the GLA is most certainly destined for production in a toned down form that will borrow many bits and pieces from other cars based on this platform like the aforementioned A-Class and the CLA-Class sedan. Carscoop reports that the production version of the GLA will be revealed at the Frankfurt Motor Show in September of this year, with sales to the public starting in 2014.
Since it's based on the A-Class, we expect that the production GLA-Class will be powered by your choice of Mercedes' 2.0-liter turbocharged inline four-cylinder engine and a diesel or two, and will offer transmissions that include the company's seven-speed DCT and perhaps a six-speed manual (at least in Europe). If the GLA follows the same path as the two cars before it, expect a GLA45 AMG producing over 300 horsepower, as well. As for what powers the GLA Concept, that just might remain a mystery until the vehicle is officially revealed in China.