Daimler pays 640 mln eur for 12 pct of BAIC Motor

FRANKFURT Fri Feb 1, 2013 5:43am EST

FRANKFURT Feb 1 (Reuters) - Daimler secured itself a slice of Chinese car partner BAIC Motor ahead of the latter's planned stock offering, in an effort to catch up with larger rivals in what may become the single biggest market for luxury cars in the world.

Daimler will invest 640 million euros ($869 million) to purchase a 12 percent stake in BAIC Motor in a deal that is expected to close by the end of this year or in early 2014, the company said on Friday. ($1 = 0.7367 euros) (Reporting By Christiaan Hetzner, additional reporting by Fang Yan in Beijing)

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