Zhejiang Geely Holding Group denied selling any of its 9.7 percent stake in Daimler AG.
Zhejiang Geely Holding Group denied selling any of its 9.7 percent stake in Daimler AG, following a Bloomberg report that the holding had been cut in half.
Bloomberg reported earlier that Chinese billionaire Li Shufu's Geely had cut the stake in Daimler AG by more than half, less than a year after making what was the biggest overseas acquisition by a Chinese automaker, citing people familiar with the matter. Morgan Stanley disclosed in a regulatory filing on Thursday a 5.4 percent stake in Daimler.
The bank is holding the shares on behalf of others, one person said, declining to identify those parties. Morgan Stanley was one of the banks that helped Geely finance the original transaction, people familiar with the matter said after it was announced last February.
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