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Business deals

China's BAIC takes 5% stake in Daimler

Both automakers say the new investment strengthens partnership

Both groups have been collaborating since 2003 in areas including research and development, production and vehicle sales.   © Reuters

SHANGHAI -- China's Beijing Automotive Group said on Tuesday it has acquired a 5% stake in Germany's Daimler in a move that will further enhance the close relationship both automakers already share.

Through a wholly owned unit Investment Global, state-backed BAIC bought a 2.48% direct stake and another 2.52% that gives it additional voting rights. Neither company revealed the monetary value of the investment.

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