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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.

Lewis Hamilton beats Sebastian Vettel in Chinese Grand Prix

SHANGHAI (Reuters) - Lewis Hamilton mastered Shanghai's changing conditions and stayed clear of squabbling rivals to win the Chinese Formula One Grand Prix on Sunday. The Briton eased his Mercedes across the line 6.2 seconds ahead of Ferrari's Sebastian Vettel. Max Verstappen, who started 16th, finished a surprise third to hand his Red Bull team their 100th podium. It was Hamilton's 54th career win and a record fifth in Shanghai. But it was the triple champion's first this season and returned Mercedes to the top of the podium after Vettel won last month's season-opening race for a resurgent Ferrari. "I'm so happy with my first win of the year and I can't believe it if I'm honest," said Hamilton after the race, which also handed him his 106th podium, putting him joint second with Alain Prost on the list of drivers with most rostrum results. "What I said to Sebastian as I left the last race ... I said I'm coming back in the next one. When I got on the podium it was like 'I told you'." MOTOR-F1-CHINA/ View 12 Photos Hamilton, who finished second to Vettel in Melbourne, heads into the next race in Bahrain in a week's time tied on points with the German. Mercedes, meanwhile, lead the constructors' standings by one point over Ferrari. Hamilton started from pole position, but the conditions were a bit of a lottery for all the drivers with the track damp in patches but drying quickly. He kept the lead off the line ahead of Vettel, who came under investigation for lining up out of position on his grid slot. The German, though, stayed second, fending off Valtteri Bottas in the other Mercedes, who had started third. Lance Stroll, the 18-year-old rookie, spun off the track on the first lap after making contact with Force India's Sergio Perez. The Canadian beached his Williams in the gravel, bringing out the virtual safety car. Vettel took the opportunity to dive into the pits to change to dry weather tires. His gamble backfired when Antonio Giovinazzi — standing in for Pascal Wehrlein at Sauber — crashed, bringing out the actual safety car two laps later. The four-times world champion found himself bottled up behind Ricciardo and his slower team-mate Kimi Raikkonen, costing him valuable time. As the trio squabbled for position, Hamilton pulled clear at the front. By the time Vettel managed to get past, with a series of spectacular overtaking moves that included banging wheels with his former team-mate, Hamilton was too far ahead.

New Mercedes E-Class nearly exposed, may be Maybach

The all-new Mercedes-Benz E-Class is marching closer and closer to production, with a new round of spy photos giving us our best look yet at the S-Class-inspired looks of the German brand's executive luxury car. There really is very little camouflage this time around – what's there looks more like the kind of plastic wrapping you'd see on a freshly imported vehicle at the port. In front, we can see the new E will wear similar LED accents to the S- and C-Class. The E-Class' big and little brothers also inspired the tail of the new model, where we can see slightly disguised, vertically oriented LED taillights. Prominent, enclosed exhausts are very similar to what we saw in our spy shots of the Mercedes-Maybach E-Class. Aside from the exhausts, this particular car also wears the same blingy wheels as the range-topping tester we spied last August. The thick-rimmed, multi-spoke design isn't the only giveaway to this car's luxurious intentions, though. Our last Maybach sighting showed a car completely covered in camo, making it difficult to tell just how large the rear doors are relative to the car we're seeing today. Instead of the doors, though, we suggest you look at the windows. Like the August spy photos, this prototype features tinted rear glass, which could perhaps indicate that we're looking at yet another example the second Mercedes-Maybach model. So is this yet another Maybach E-Class? We're leaning towards yes. The size of the back doors – and the rear quarter window, in particular – is close enough to what we saw last month, and the presence of tinted glass, the same exhausts, and the same wheels can't be discounted either.