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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.

Mercedes-AMG C63 Coupe launches with DTM-styled Edition 1 [w/video]

It's not as flashy or fantastical as the concept cars, big luxury cars, and exotics being shown here at the 2015 Frankfurt Motor Show, but the Mercedes-AMG C63 Coupe still gets us really excited. That's because it's a semi-attainable production car; like, we'll actually get to drive it, and soon. The C63 Coupe builds upon the gorgeous, two-door C-Class that also made its debut at the Frankfurt show. It's powered by the same twin-turbocharged, 4.0-liter V8 as the C63 sedan, producing either 469 or 503 horsepower, depending on the model. If the sedan's driving dynamics are anything to go on, the C63 Coupe ought to be a total riot. For the occasion of its premiere, Mercedes brought the C63 Edition 1 to Frankfurt, wearing a unique paint job that mimics the look of the automaker's recently unveiled DTM racer. The Edition 1 rolls on unique wheels – measuring 19 inches in front and 20 inches out back – and comes with unique aerodynamic enhancements, more gloss and chrome trim, and racing buckets inside. Edition 1 or not, the C63 Coupe is a car we're very happy to welcome to the world. We can't wait to test one.

Mercedes shows off more of the S-Class Cabriolet

Mercedes has been very much into teasing lately, providing various kinds of peeks at the recently revealed Mercedes-AMG C63, the coming 2017 E-Class sedan, and the S-Class Cabriolet. We've seen the least of that latter car but it could be the one we know the most about. The sixth member of the S-Class family after the standard sedan, the long-wheelbase sedan, the Maybach models, the Pullman, and the coupes, this one puts a fabric top on that two-door model and then lets owners take it off. After the sketched rendering from two weeks ago, this latest photo from Mercedes shows us pretty much what we're going to get, and since we're huge fans of the coupe it looks like we'll be huge fans of this, too. It will certainly come heaped with techno gizmos like heated armrests, and a set of Burmester speakers in the tonneau cover. In case you're wondering, those screen-looking things behind the front seat headrests are fans for the Airscarf neck warming system. The press release below has a bit on the history and demise of four-seater Mercedes droptops, which helps remind us why we should care about the trim being resurrected 45 years later. Related Video: The new S-Class Cabriolet: A star returns Stuttgart, Aug 25, 2015 - Coveted dream car of the 1960s meets star of the 2015 International Motor Show in Frankfurt: the new Mercedes-Benz S-Class Cabriolet is following in the tradition of the open-top S-Class (model series 111 and 112) from the period 1961 to 1971. Unmistakeable, exclusive design, fine materials with maximum high-class appeal in the interior and state-of-the-art technology in the S-Class characterise the concept behind both cabriolets. "After 44 years we can again offer friends of our company an open variant of the S-Class. The new S-Class Cabriolet symbolises our passion for individual and timelessly exclusive mobility, which we share with our customers", remarks Ola Kallenius, Board Member of Daimler AG, Mercedes-Benz Cars Sales. With the new S-Class Cabriolet Mercedes-Benz is setting itself the standard of building the most comfortable cabriolet in the world. When it comes to climate comfort the enhanced automatic wind protection system AIRCAP, the AIRSCARF neck-level heating system, the heated armrests, the seat heating also in the rear plus the intelligent fully automatic climate control ensure that this is indeed the case.