Chinese billionaire Li Shufu buys biggest single stake in Daimler

Chinese billionaire Li Shufu has bought a near 10-percent stake in Mercedes-Benz maker Daimler, making him the German group's largest single shareholder, a stock market filing showed Friday. Li, who chairs auto giant Geely Automobile Holdings, bought a 9.69-percent stake in the carmaker, worth around 7.2 billion euros ($8.9 billion), according to the filing. The billionaire is no stranger to the European car business, having bought Sweden's Volvo in 2010.

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