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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 GLC250 Quick Spin

The 2016 Mercedes-Benz GLC is an all-new luxury crossover that replaces Benz's compact GLK. We're driving it right now, and will have a full first drive soon. But before this, we were granted some early access on a drive from Lithuania to Latvia – just enough to form some initial impressions. As part of Mercedes' expansion with new models (and old models taking on new names) the GLC will no longer be the entry-level CUV for Mercedes – that title has been assumed by the GLA crossover. The GLC moves up not only in the hierarchical range, but grows 4.6 inches in the wheelbase, and is more roomy overall. Most evident, the GLC gets completely new styling, something that is immediately clear upon first glance. Mercedes says the 2016 GLC represents the future design direction for all its SUVs. Continuing the "Sensual Purity" design language of the new S-Class and C-Class, our Euro-spec GLC prototype is curvier, cleaner, and more modern than the more rugged-looking GLK. Mercedes says the US will have standard front and rear bumpers optimized for off-road use, with a 28-degree approach and departure angles for all variants. Despite boasting four doors, the GLC has a coupe-like silhouette. Our model's LED headlights, chrome-finished dual exhaust pipes, and large wheels (up to 20-inches) add to this sporty aesthetic. The real story however, is on the inside, where the GLC mimics the striking interior of the C-Class. Based on our model's open-pore wood, flowing center console, and brushed metallic and piano-black finishes the GLC boasts the nicest interior in the class. With a few short hours spent evaluating Benz's new ute – and evading endless Baltic speed traps – we were able to get some immediate impressions. There's a lot to like here. Driving Notes The 2.0-liter four-cylinder engine is rated at 241 horsepower and 273 pound-feet of torque. But what the driver actually experiences will depend on the five different driving modes. A simple toggle switch on the center console by the MMI touchpad and scrollwheel moves you through the various modes: Eco, Comfort, Sport, Sport Plus, and Individual. Each mode represents a marked difference in steering feel and throttle response. Eco and Comfort modes are fine for driving around town, but lack any semblance of sportiness. Sport and Sport Plus improve feedback, but the GLC never feels quick in any mode. It does feel nimble, and the drive is more car-like than SUV, which bodes well for the majority of US customers.

Mercedes has X6 in its crosshairs with the GLE Coupe

In the last month, Mercedes-Benz has taken the sheet off two versions of its GLE Coupe: the 450 AMG and Mercedes-AMG GLE63 S. The models represent the German brand's shot across the bow at the BMW X6 in the luxury-crossover-four-door-coupe segment, including the high-performance M version of the bodystyle. Not much separates the styling between the two versions. Both feature sweeping arches over the hood and roofline to create their coupe-like appearance. Up front there are huge air intakes with a wide grille on top that's bisected by the brand's traditional star. The AMG version tweaks that look with the division's A-wing grille. At the rear, there are wraparound taillights and a chrome strip. The higher performance version also sports a modified diffuser and air outlets. No matter which one buyers choose, they get a healthy amount of power nestled under the hood. The 450 AMG packs a 3.0-liter, twin-turbo V6 with 362 horsepower and 384 pound-feet of torque with a nine-speed automatic. Opting for the GLE63 means a massive boost with 577 hp and 561 pound-feet from a 5.5-liter twin-turbo V8 routing through a seven-speed auto gearbox. Either way, customers get Merc's 4Matic all-wheel drive system. The luxury crossover coupe segment is often maligned for looking awkward, but Mercedes clearly sees room to grow there. Check them both out live from the 2015 Detroit Auto Show floor in the galleries above.