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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 GT pressed into service as DTM safety car

DTM is one of the most competitive, fast-paced touring car series in the world. So to set the pace, the marshals need a pretty fast car as well. And that's just what they got with the new Mercedes-AMG GT pictured here. Marking its debut at the Lausitzring speedway this weekend, the AMG GT S safety car is based closely on the road-going model, but like the version that's already in use in Formula One, it's been modified for safety-car duty. That means a low-profile light bar mounted to a carbon-fiber air scoop on the roof – both tested in a wind tunnel – as well as the front splitter and rear wing from the optional Aerodynamics package, and the optional upgraded rolling stock. Inside it's got racing buckets, six-point harnesses, a flat-bottom steering wheel, and special radio equipment. Otherwise it's essentially the same as the road-going model, right down to the 4.0-liter twin-turbo V8 and seven-speed dual clutch transmission. After all, with 510 horsepower on tap, it ought to be able to stay out ahead of the 490-hp touring cars currently competing in DTM. The new safety car replaces the C63 AMG Black Series coupe that Mercedes previously contributed to the effort, and will alternate with the vehicles furnished by rivals Audi and BMW from race to race. Related Video: Mercedes-AMG GT S: new Safety Car for the DTM: From Formula 1® to the DTM Affalterbach. A new Safety Car celebrates its DTM premiere: at the second DTM race at the EuroSpeedway Lausitz (29 to 31 May 2015), the Mercedes-AMG GT S is set to be deployed for the very first time. The new sports car will help to ensure maximum safety on the race track in the world's most popular touring car series. In technical terms, the 375 kW (510 hp) eight-cylinder sports car is for the most part the same as the series production vehicle – just like its counterpart from the FIA Formula 1 World Championship™, the Official Safety Car. In its road-going guise the Mercedes-AMG GT S has turned heads since its market launch in March 2015 and now the sports car is also taking to the DTM stage. The new season of the German Touring Car Masters (DTM) got under way during the first weekend of May in Hockenheim. The second DTM race taking place at the EuroSpeedway Lausitz at the end of May will see the Mercedes-AMG GT S make its first appearance as the official Safety Car.

2016 Malaysian Grand Prix recap: Surprises and missed opportunities

Mercedes-AMG Petronas pilot Lewis Hamilton drove so well in the run-up to the Malaysian Grand Prix that he said before the race, "Honestly, I don't feel anything is going to stop us." On Sunday, the Sepang race showed what it thought of plans and predictions. Heading into the right-hand Turn 1, Sebastian Vettel practically recreated the dust-up at the Belgian Grand Prix three races ago. When Mercedes' Nico Rosberg swept across from the outside line toward the apex, Red Bull's Max Verstappen had to jink right to avoid, touching Vettel's Ferrari on the inside. Vettel speared straight on and hit Rosberg. Vettel's left front suspension broke, ending his race. Rosberg spun and got moving again, but at the back of the pack. That appeared to put Hamilton on a clear run to the checkered flag. His car looked perfect, his pace was perfect, he easily kept Red Bull's Daniel Ricciardo and Verstappen behind. A result that would have seen Hamilton retake control of the Driver's Championship – at Petronas' home race – got crushed on Lap 41 when Hamilton's engine blew down the main straight. That put Ricciardo in the lead, followed closely by his teammate. Just two laps before Hamilton's exit, Ricciardo and Verstappen had battled for second place with some of the best driving we've seen all season. Ricciardo drove as if exorcising the demons of missed opportunities earlier in the year, keeping the young Dutchman behind. The two Red Bulls took the flag fifteen laps later in that order, clocking the first one-two finish for a team other than Mercedes since 2014. It's Red Bull's first one-two since Brazil 2013, when Vettel and Mark Weber took the top steps at the last race of the V8 era. Rosberg recovered to take third in spite of a ten-second penalty for an optimistic pass on Ferrari's Kimi Raikkonen. The Finn crossed the line 12 seconds later, followed by Valtteri Bottas in the Williams and Sergio Perez in the Force India. In another Belgium repeat, Fernando Alonso drove from the back of the grid to finish seventh. Nico Hulkenberg secured eighth, Jenson Button ninth for McLaren in his 300th grand prix, and rookie Jolyon Palmer scored his first point of the season for Renault in tenth. The issue to trump all others from now until next week's Japanese Grand Prix: Lewis Hamilton's terrible luck with engines. Power unit gremlins earlier this season helped drop the Brit to 43 points behind Rosberg after the Russian Grand Prix.