(Reuters) - Daimler AG is nearing the sale of a 50 percent stake in its small-car brand Smart to China's Geely Automobile Holdings Ltd, the Financial Times said on Tuesday, citing three people familiar with the matter.
The sale of the stake in its Smart division will be confirmed before the Shanghai Auto Show in April, FT said https://on.ft.com/2TZuiYJ.
Both Daimler and Geely declined a Reuters request for comment.
Last year, Geely built up an almost 10 percent stake in Daimler in a $9 billion bet by its chairman and became the biggest shareholder in Daimler.
(Reporting by Bhargav Acharya in Bengaluru and Edward Taylor; editing by David Evans)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Your guide to the latest cricket World Cup stories, analysis, reports, opinions, live updates and scores on https://www.firstpost.com/firstcricket/series/icc-cricket-world-cup-2019.html. Follow us on Twitter and Instagram or like our Facebook page for updates throughout the ongoing event in England and Wales.
Updated Date: Mar 27, 2019 02:05:09 IST