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Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

Race recap: 2016 Hungarian Grand Prix was the pits

The Hungarian Grand Prix hasn't seen a race this calculated since 2012, when Lewis Hamilton – driving for McLaren – led from pole position to the checkered flag. We don't expect massive action from the Hungaroring, but Hamilton's first win for Mercedes in 2013, the thrilling wet mess in 2014, and Ferrari's surprising dominance in 2015 made us hope for more on-track commotion this year. Hungary denied us that. Hamilton parked his Mercedes-AMG Petronas in second on the grid but stole the lead through Turn 1 and never looked back. Teammate Nico Rosberg yo-yoed behind him in second place, getting into DRS range on a few occasions but never close enough to pass. Red Bull's Daniel Ricciardo kept the leading duo honest, but the Aussie couldn't put genuine fear into the German team and finished third. This is the third year in a row for Ricciardo on the Hungary podium. The pits provided our few scraps of excitement. During a stretch when Ricciardo managed to close on Rosberg, Mercedes told Hamilton to speed up. When Hamilton said he couldn't go faster, Mercedes said they'd pit second-place Rosberg first instead. Suddenly, Hamilton found the extra pace. Ricciardo pitted in early, hoping that fresh tires and fast laps could allow him to pass one or both Mercedes drivers when they pitted, but once Hamilton hit the throttle the Red Bull couldn't respond. Further down the lineup, Jenson Button came in on Lap 5 so McLaren could fix his brake pedal problem. The radio exchange before the stop included one forbidden instruction to Button, though, so the Englishman had to return to the pits for a drive-through penalty. Renault's Jolyon Palmer beat Force India's Nico Hulkenberg in a straight-up pit stop battle on Lap 40, but threw the good work away on Lap 49 with a spin on track that cost him three places. A pit wall miscommunication meant the Force India pit crew wasn't ready for Sergio Perez when the Mexican arrived for his second stop on Lap 43. And Daniel Kvyat's regrettable run at Toro Rosso continued, first with car issues, then a drive-through penalty for speeding in the pit lane. Sebastian Vettel brought his Ferrari home fourth, sniffing Ricciardo's gearbox at the flag but unable to get around the Red Bull. Max Verstappen enacted a replay of the final stages of the Spanish Grand Prix, finishing fifth by holding Ferrari's Kimi Raikkonen behind for 19 laps.

Forza Horizon announces January Recaro Car Pack with LFA N"urburgring Edition

Another month, another car pack for Forza Horizon. This time it's the Recaro Car Pack featuring a motley gang of cars and trucks: the 1983 GMC Vandura G-1500, 1995 Ford Mustang Cobra R, 2012 Cadillac Escalade ESV, 2005 Mercedes-Benz SLR, 2012 Lexus LFA Nürburgring Edition and 2012 Lotus Exige S.
It'll be up for download on Xbox Live on Tuesday, Jan. 1, 2013 for 400 MS Points. As usual, if you have the Forza Horizon Season Pass you can get them all free, and Season Pass holders will also get a bonus car that's not pictured: the 2009 Pagani Zonda Cinque Roadster.
The Pagani is everything opposite to that Vandura, but while you might not ever win anything with the van, you can always use the back of it as a place to give out free hugs. Check out the video and press release below for more details.