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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.

Volvo will replace C70... eventually

Volvo has already announced the end of production for its C70 hardtop convertible, a handsome but seriously dated offering that was last refreshed in 2010. Volvo won't be abandoning the two-door coupe-convertible market for long, though, as news out of Australia claims that a replacement, based on the striking Concept Coupe, will join the Chinese-owned, Swedish brand's ranks, although it's unclear precisely when we'll see it on the road.
"Eventually yes... as soon as possible," Hakan Samuelsson, Volvo's CEO, told the Drive, before adding, "when we are ready."
"The Coupe Concept car, we can put that into production and it will have an exposure on the brand. But at the end it's the cream on the cake and at the end you need the cake first before you put the cream on it," said Volvo's Senior Vice President of Product Strategy and Vehicle Line Management, Lex Kerssemakers.

Volvo rolls out new R-Design versions of S60, XC60 and new V60

Volvo has put together R-Design packages for its newly facelifted S60, V60 and XC60 models, and for those who want more bark to go with them, there's a power upgrade for the S60 and V60 courtesy of Polestar performance. The aesthetics start with new front and rear fascias, the grille going frameless and Tech Matte Black with a silk metal diagonal bar, the back end getting a finned diffuser and round R-Design tailpipes. On top of that, the S60 and V60 are lowered 15 millimeters and can be fitted with 19-inch versions of the company's Ixion wheel pattern.
The R-Design sport chassis stiffens things up, items like the rear dampers getting 20-percent stiffer while front bushings get a whopping 400-percent stiffer. Inside there's a black headliner, perforated leather mixed with nubuck and contrasting stitching on the sport seats, or a full leather option for those who love their cow, and the Adaptive Digital Display gets a blue hue when set to the Elegance appearance theme.
Buyers of the 3.0-liter T6 engine can add the Polestar performance option, which cranks things up to 329 horsepower instead of the standard 304 hp, and an exclusive accelerator pedal comes with it. More detail can be found in the press release below.