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Geely wants to be a tech-sharing 'friend' of Daimler in $9B bet

Chinese carmaker Geely has built up an almost 10-percent stake in Daimler in a $9 billion bet by its chairman that he can access the Mercedes-Benz owner's technology in the growing battle for the future of automotives. The purchase by Li Shufu, Geely's founder and main owner, means China's largest privately-owned automaker is now the biggest shareholder in Germany's Daimler. Geely said on Saturday there were no plans "for the time being" to raise the stake further. Instead, it will seek to forge an alliance with Daimler, which is developing electric and self-driving vehicles, to respond to the challenge from new competitors such as Tesla, Google and Uber. "No current car industry player is likely to win this battle against the invaders from outside without friends. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and combining strength. My investment in Daimler reflects this vision," Li said. "Daimler is pleased to announce that with Li Shufu it could win another long-term orientated shareholder, which is convinced by Daimler's innovation strength, strategy and future potential," the German company said in a statement. Geely officials plan to travel to Stuttgart to meet Daimler executives early next week and also hope to meet top German government officials in Berlin, two sources familiar with the matter told Reuters. The Chinese firm plans to use the meetings to underline that it intends to be a supportive long-term investor, they said. Daimler had no immediate comment on any meetings. Geely and the German economy ministry declined to comment. Chinese investors in German technology companies have tended to take a consensual approach, buying incremental stakes in companies such as robotics firms Kuka and Kion, typically after long consultation with management and other stakeholders. In November, Geely asked Daimler to issue new shares so it could buy a stake, as a way to access Mercedes-Benz technology for electric cars and trucks, including battery technology, to help Geely comply with a Chinese crackdown on pollution. But the German company turned down the offer saying it did not want to dilute existing shareholders, sources at the time told Reuters. Li changed tactics, and quietly amassed a stake of 9.69 percent worth $9 billion at Daimler's current share price.

F1 title fight gets closer | 2016 US Grand Prix recap

We ran into an old friend at the US Grand Prix: an on-form Lewis Hamilton. Reliability and proper clutch actuation helped the Mercedes-AMG Petronas driver resurrect the kind of performance we haven't seen since July at the German Grand Prix. After demolishing the previous qualifying record around the Circuit of the Americas, he put the field in his mirrors as soon as the lights went out, was never bothered by anyone behind, and crossed the finish line 4.5 seconds ahead of teammate Nico Rosberg. The drive was exactly what Hamilton needed to keep his molecule-thin Championship hopes alive. Rosberg, however, did exactly what he needed to do as well by finishing second. The German had a sketchier path to the checkered flag than Hamilton, getting pushed back to the third at the start by Red Bull's Daniel Ricciardo. Worse, Ricciardo appeared to have the pace to keep Hamilton honest ahead and hold Rosberg behind. Red Bull and Mercedes matched one another's pit stops, and it was clear the German would need more help to pass the Aussie. Rosberg didn't have to make his own luck, Ricciardo's teammate Max Verstappen made the luck for him. Ricciardo pitted on Lap 26, ceding second position on track to Rosberg. On Lap 30, Verstappen's gearbox failed while headed down the back straight. The Dutch teenager said the team told him to try to get the car back to the pits, so he dawdled through a few corners before following more team orders to pull over and park. Verstappen's parking spot and bad gearbox meant marshals couldn't push the car off the track, they needed to use a crane. That brought out a Virtual Safety Car, slowing the whole race down and allowing Rosberg to run a longer stint while losing less time on old tires. When the German came in for new tires on Lap 31 he emerged ahead of Ricciardo, and they ran that way to the end of the race, much to Ricciardo's disappointment. Sebastian Vettel claimed fourth for Ferrari, a placing perhaps due only to Verstappen and Kimi Raikkonen retiring from the race. An otherwise anonymous weekend for the scuderia called attention to itself on race day when Raikkonen had to call it a day after a botched pit stop, and Vettel couldn't make any impression on the teams ahead. Fernando Alonso rode home to a brilliant fifth for McLaren. During the first stint while rummaging around outside the top ten, the Spaniard complained about his lack of pace. By Lap 15 Alonso was tenth, on Lap 34 he was eighth.

E.U. executive conditionally approves Daimler, BMW car-sharing deal

BRUSSELS — The European Union's competition authority said on Wednesday it had approved the plan of German luxury carmakers Daimler and BMW to combine their car-sharing businesses, subject to conditions. Under the deal, which includes car-sharing units Car2Go and DriveNow as well as ride-hailing, parking and charging services, Daimler and BMW will each hold 50 percent stakes in a joint venture. They have offered concessions to address E.U. antitrust concerns over the deal they hope would let them better compete with U.S. rival Uber and China's Didi Chuxing. The European Commission has found the deal would raise competition concerns for free-floating car sharing services in Berlin, Cologne, Duesseldorf, Hamburg, Munich and Vienna. It said Daimler and BMW agreed to a remedy package in the six cities. "The commitments thus fully address the Commission's concerns as they will reduce the barriers to entry for competing free-floating car sharing providers," the Commission said in a statement. "Therefore the Commission concluded that the proposed transaction, as modified by the commitments, would no longer raise competition concerns. The Commission's decision is conditional upon full compliance with the commitments." Reporting by Gabriela Baczynska and Philip Blenkinsop. Related Video: