Daimler AG is looking to increase its stake in China's BAIC Motor Corp. Ltd., having mandated Goldman Sachs to help it explore options, Reuters reported March 22, citing two people with knowledge of the matter.
Talks between the two companies are at an early stage and a deal has not been finalized, according to the report. It is not clear if Daimler is seeking to acquire a majority stake in BAIC, its main China joint venture, Reuters reported.
The German vehicle manufacturer owned 9.55% of BAIC Motor as of June 30, 2018, according to S&P Global Market Intelligence data.
In April 2018, China removed a two-decade-old restriction on foreign ownership of automakers.
Bayerische Motoren Werke AG said Jan. 18 that it is set to raise its stake in its Chinese joint venture BMW Brilliance Automotive Ltd. to 75% from 50%, after securing approval from JV partner Brilliance China Automotive Holdings Ltd.