China's Geely is said to cut Daimler stake by more than half

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BEIJING (JAn 11): Chinese billionaire Li Shufu’s Geely Group cut its 9.7% stake in Daimler AG by more than half, less than a year after making what was the biggest overseas acquisition by a Chinese automaker, according to people familiar with the matter.

People familiar with the matter didn’t say who the new owners of the shares were. Geely is unloading a 5.4% stake in Daimler through the transaction, one of the people said, asking not to be identified as the information isn’t public.

Morgan Stanley disclosed in a regulatory filing on Thursday that it’s holding a 5.4% stake in Daimler. The bank is holding the shares on behalf of others, one person said, declining to identify those parties.

Geely didn’t offer an immediate comment.