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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.

2016 Mercedes-Benz GLC live from Germany

The introduction of the Mercedes-Benz GLC at Hugo Boss headquarters outside of Stuttgart was another step in the evolution of brand cohesion at the Three-Pointed Star. The twin philosophies reshaping the company's products are "Sensual Purity," the brand's design language, and "Modern Luxury," the umbrella term for its wood-and-technology approach to interior splendor and driver assistance systems. That meant the GLK, already a contrarian in the segment thanks to its "interesting" look and cozy cabin, was an outcast in Mercedes' own SUV lineup. The GLC fixes that, for those of you who thought it needed fixing. Gone are the sharp creases and angles inspired by the G-Class, replaced by a the curves dictated by brand purity. To this writer, it looks like a smaller version of the new GLE. Which makes this corporate exercise another in a line of good-looking-yet-less-distinctive successes. Less confrontational outside, the GLC is downright inviting inside. The cabin that impressed us in the C-Class is equally impressive here, particularly when optioned with the Designo leather and open-pore wood. The rear quarters feel roomier than the additional 1.3 inches in legroom would make you think, and it's the same with the three extra feet of cargo space – there's a lot of room behind the rear seats. One thing to note: the hybrid (which we won't get initially) loses a fraction of that extra room with a slightly higher load floor over the batteries. Although it makes less visual impression outside, the G-Class hasn't been forgotten here. The godfather of the lineup is the reason for stressing the GLC's off-road capability. We don't really believe the GLC will need to pass any off-road exams – at least, not on purpose – but that's not the point. By including such capability, Mercedes establishes a concrete connection with its war-tested and thoroughly badass SUV halo, a connection that none of its competitors can make save for Land Rover. On that subject, due to different regulations, the US-market GLC will have slightly different bumpers; instead of the 31-degree approach angle and 25-degree departure angle other markets get, our model will allow a maximum of 28 degrees front and back. Those numbers put in the same off-road playground as the Range Rover Evoque.

Mercedes-AMG expands V12 engine production to Mannheim

Mercedes-AMG may be downsizing some of its engines, but it hasn't given up on making V12s. In fact it has so much demand for them, and so little room to expand, that it is opening a new workshop at another location just to handle V12s. We take that as a good sign. That new location is the Daimler factory in Mannheim, in southwestern Germany, which is already dedicated to engine production and is located just an hour and a half from the Mercedes headquarters in Stuttgart and the main AMG workshop in neighboring Affalterbach. But although the assembly of its 12-cylinder engines is being moved, it will still be carried out under the "one man, one engine" philosophy that sees each motor built from start to finish by one highly skilled and specially trained AMG technician. The move will give AMG the capacity to build more of its V12 engines. But it will also make use of excess capacity at the Mannheim plant, and allow the Affalterbach site to use the space and technicians freed up by the V12 move to focus instead on V8s. Those concerned about AMG's ability to maintain its levels of quality and performance at a remote location might note that production of its turbocharged four-cylinder engines for the A45, CLA45, and GLA45 models is already carried out by MDC Power GmbH, a Daimler subsidiary in Kolleda, using the same philosophy. AMG's current 6.0-liter twin-turbo V12 engine produces a massive 621 horsepower and an even more impressive 738 pound-feet of torque. It's used in the SL65 roadster, G65 sport-ute, and S65 coupe and sedan... and maybe soon in the S65 cabrio as well. Come to think of it, a twelve-cylinder version of the new GLS seems like a good idea, too. And though Aston Martin is contracted to use AMG's eight-cylinder engines, the added capacity could get the creative juices from Gaydon flowing as well. Related Video: MERCEDES-AMG TO BUILD 12-CYLINDER ENGINES IN MANNHEIM Affalterbach. Due to strong demand for its high-performance automobiles, Mercedes-AMG is to start the assembly of its 12-cylinder engines in a new location at Daimler's site in Mannheim. The traditional AMG "one man, one engine" philosophy continues to hold true: each powerful AMG engine will be built completely by hand by just one engine fitter. The employees who currently assemble 12-cylinder engines at the AMG headquarters in Affalterbach will be shifted to the eight-cylinder engine lines.