February 24, 2018 / 8:18 AM / 7 months ago

Geely says won't buy more Daimler shares 'for the time being'

FRANKFURT (Reuters) - China’s Zhejiang Geely Holding does not plan to buy more Daimler shares “for the time being,” it said on Saturday, after its chairman Li Shufu disclosed he had a 9.69 percent stake in the German carmaker.

Li Shufu, founder and chairman of Zhejiang Geely Holding Group, attends the Volvo's S90 news conference in Shanghai, China November 2, 2016. REUTERS/Aly Song

“Daimler is an outstanding company with a first-class management. It will be an honor to support this unique team under the leadership of Dieter Zetsche in the future,” Li Shufu, chairman and owner of Zhejiang Geely Holding Group and Geely Group said in a statement.

For the time being neither Geely Group nor any other company in the Zhejiang Geely Holding Group intend to acquire additional shares, Geely said.

“I will fully abide by the company charter and governance structure of Daimler and respect its values and culture,” Li said in the statement.

Reporting by Edward Taylor; Editing by Mark Potter

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