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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.

Brabus boosts big Benz plug-in hybrid

With vehicles like the BMW i8 and Porsche 918 Spyder, the Germans have demonstrated as well as anyone that "performance" and "hybrid" can go in the same sentence. And now Brabus is plugging in to the performance hybrid station as well. Though nowhere near as extreme as the aforementioned PHEV sports cars, the Brabus PowerXtra B50 Hybrid performance kit kicks the Mercedes S550 Plug-In Hybrid up a notch. The electric side of the powertrain remains untouched, but the internal combustion engine has been boosted by 51 horsepower and 52 pound-feet of torque. That gives the 3.0-liter turbocharged V6 a total of 385 hp and 405 lb-ft, which is nothing to cough at – but with the electric boost kicking in, the vehicle now packs a combined output of 493 hp and 656 lb-ft. That slots its twist figure in between that of the S600 and S63 AMG. As a result, the big Brabus hybrid will now reach 62 miles per hour from a standstill in just 4.9 seconds (down from 5.2) – almost as quick as the 12-cylinder model but with half the pistons – though the top speed remains pegged at 155 mph. Naturally, Brabus didn't stop there, giving the sedan a new exhaust, aero kit, rolling stock and interior, all catered to the customer's specifications. BRABUS PowerXtra B50 Hybrid with 368 kW / 500 hp (493 bhp) and 890 Nm of torque The eco-friendly performance upgrade for the new Mercedes S 500 PLUG-IN HYBRID For more than 35 years, BRABUS has been the synonym for powerful high-performance automobiles and exclusive refinement at the highest level of perfection. One philosophy has always been paramount in all these years: combining top performance with exemplary eco-friendliness, immaculate durability and perfect everyday practicality. With the new BRABUS PowerXtra B50 Hybrid performance kit for the new Mercedes S 500 PLUG-IN HYBRID, the engine specialists of the world's largest independent tuner once more demonstrate their unrivalled know-how. The power increase of the V6 engine by 38 kW / 52 hp (51 bhp) and the boost in torque by 70 Nm (52 lb-ft) bumps the system output of the hybrid sedan to 368 kW / 500 hp (493 bhp) and system torque to 890 Nm (656 lb-ft). As a result, the luxury liner sprints from rest to 100 km/h (62 mph) in just 4.9 seconds, and impresses in daily driving with even further enhanced superiority. Due to the hybrid system, the top speed remains electronically limited to 250 km/h (155 mph).

Lewis Hamilton has Vettel in crosshairs at Canadian Grand Prix

MONTREAL - The Canadian Grand Prix has been a happy hunting ground for Lewis Hamilton, and he will look to bag a sixth career win on the island circuit on Sunday to refuel his hopes of another Formula One drivers title. With 14 races remaining on the calendar, it is far from do-or-die for Hamilton, but the pressure is mounting on the Briton and Mercedes with arch rival Sebastian Vettel and Ferrari threatening to widen the gap at the top of the championship standings. Only Michael Schumacher has won the Canadian Grand Prix more times (seven), and Hamilton intends to close the gap further in Montreal as the race marks its 50th anniversary. Hamilton needs to do so, at the scene of his first ever Formula One victory a decade ago, to reel in Vettel after the German led a Ferrari one-two in Monaco and powered 25 points clear. "Montreal has been a great hunting ground for me in the past, and I plan for it to continue," the triple world champion told reporters. With five wins and five poles from previous visits to Quebec, Hamilton would normally be the favorite, but champions Mercedes are no longer the dominant team. "The Ferrari seems to work everywhere. The next 14 races are going to be very, very difficult," he said after struggling to seventh place in Monaco. "They have had arguably the strongest car all year. They look like our car which just worked everywhere last year." The race will also mark the return of twice world champion Fernando Alonso to the Formula One grid after the Spaniard skipped the Monaco Grand Prix last month to chase IndyCar glory at Indianapolis 500. Alonso turned in an impressive performance at the famed Brickyard, qualifying fifth fastest and running at the front but late in the race suffered a familiar fate with his Honda engine giving up. Little has changed at struggling McLaren during Alonso's brief sabbatical with the team still hampered by an uncompetitive Honda engine. There is plenty of reason to party around the Circuit Gilles Villeneuve this week with the city celebrating its 375th anniversary, Canada its 150th birthday and the Canadian Grand Prix its 50th. Williams driver Lance Stroll will be hoping to contribute to the party atmosphere. For the first time since the days of 1997 world champion Jacques Villeneuve, the Canadian Grand Prix will have some true home interest with teenager Stroll on the starting grid for Williams.