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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.

Editors' Picks March 2024: Refreshed Acura TLX, the Mazda CX-90 and more

This month, a wide variety of body styles and powertrain propositions earn Editors' Picks status. The brand-new Mazda CX-90 has impressed us in many forms, but that comes as no surprise. The Tonale from Alfa may not be a super-hot performance SUV like the Stelvio Quadrifoglio, but it's still captured our love. And for those wishing to remain lower to the ground, the V60/V60 Cross Country bring style to the limited pie that is the wagon market. Lastly, Acura updates its TLX, and the package only gets better. In case you missed previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. You'll find the entire list of Editors' Picks at this link here, which we keep updated as cars are either added or dropped from the list. The vehicles youÂ’ll find below consist of every car we rated in March that earned an EditorsÂ’ Pick. 2024 Mazda CX-90 2024 Mazda CX-90 PHEV Premium Plus View 70 Photos Quick take: The driver's three-row SUV. Enthusiasts who need space should seek out the CX-90. It translates Mazda's enthusiast DNA into a people hauler. Score: 8 What it competes with: Honda Pilot, Kia Telluride, Jeep Grand Cherokee L, Chevy Traverse, Subaru Ascent, Ford Explorer, Toyota Highlander, Mazda CX-9, Kia Sorento, Buick Enclave, Nissan Pathfinder, VW Atlas Pros: Lovely to drive inline-six; premium interior; will make you forget you're driving a family hauler Cons: Limited third-row and cargo space for the segment; PHEV is rough around the edges From the editors: News Editor Joel Stocksdale — "With excellent driving dynamics, classy interiors, strong powertrains and good value, the CX-90 should be high on anyone's shopping list, whether they're looking at mainstream or upscale brands. It's a strong competitor in a big field. The available interiors put it on par with some real upscale brands. It's not perfect, but it's very good, and it's a good sign for future Mazdas." Road Test Editor Zac Palmer — "There's little doubt that the CX-90 is the affordable three-row SUV for enthusiasts, and I think the inline-six is likely your best bet.

2014 Volvo V60 to start at $35,300*

When Volvo announced US pricing for its updated 2014 model line, it left one vital model out of the equation: that would be the V60, the long-roofed version of the S60 sedan and the long-awaited replacement for the V70 wagon that left our shores nearly four years ago. But if you look at the V60's product page now, you'll see a starting MSRP listed at $35,300. That represents a $2,900 premium over the S60 and an $800 premium over the larger (but older) XC70 softroader.
Delve further into the online configuration tool and you'll see that the price is applied, naturally, to the base turbocharged five-cylinder, front-drive model. Go for the Premier or Platinum trims and the price begins to climb, as it does with the addition of all-wheel drive, the turbo six engine and the R-Design spec. You'll also need to account for the *$915 destination charge. Tick all the boxes and you'll soon be looking at a price tag of over $50,000. Order books open with the start of the new year.