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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 offers up more details on 2015 XC90 and its new infotainment system

We have more details on the 2015 Volvo XC90 and the all-new, touch-heavy infotainment system that will debut with it. An expansion of the Sensus system, as we've shown you before, we now know the new system won't only sport a large, vertically oriented touchscreen, but a head-up display and the ability to manage the systems via wheel-mounted buttons.
Key to the entire experience are the large, portrait-oriented touchscreen, a head-up display and the thumb controls you can see on the face of the steering wheel in the image above. Volvo is claiming that this combination will be easier to use and, fittingly for the Swedish manufacturer, safer.
"Using the screen is so logical that it will become part of your muscle memory very quickly," said Dr. Peter Mertens, Volvo's senior vice president of research and development. "Information, navigation and media are high up and easy to check. The phone controls, application icons and climate controls are located low, comfortable to reach and touch. All of this logic is based on extensive usability and user experience research and the latest technology."

Volvo Concept Estate gets official [w/video]

The final chapter of Volvo's concept car trilogy has arrived after a few teasers earlier this week, as well as some recently leaked images, and as we so astutely summarized previously, it's a brown shooting brake. Really, we couldn't think of a better type of vehicle to follow up the Concept Coupe from the Frankfurt Motor Show, the Concept XC Coupe from the Detroit Auto Show and complete the Swedish trinity of concepts.
It's best to think of the Concept Estate as the hipper, classier cousin to the Concept Coupe. The two are virtually identical below the beltline, featuring front fascias that are indistinguishable from each other (except one is, you know, brown). Both cars wear wide, rectangular grilles inspired by classic Volvo models and T-shaped headlights Where the Concept Estate differs, obviously, is with its more functional rear end and longer roof.
That rear is accented by the Estate's wide haunches and slim, angular taillights, which borrow heavily from the units shown on the Concept XC Coupe. These two features work in tandem to present a wide, squat appearance from the rear. The profile, meanwhile, shows off that spacious greenhouse, which is made even airier by a glass roof.