Geely wins approval on Daimler deal

German markets regulator BaFin has ended its investigation into the purchase of a stake in Daimler by Chinese carmaker Geely and decided not to impose fines against Geely over disclosure practices, the Chinese company said on Saturday.

Citing investigation results, Geely said it strictly followed German laws and regulations in its acquisition of a 9.7 percent stake in Daimler AG for US$9.2 billion and disclosed information timely and accurately.

Geely added that it has been cooperating with BaFin and Geerly that it was reviewing whether Geely’s acquisition of Daimler’s stake was in line with disclosure rules.

Geely, based in Hangzhou, is best-known for reviving the Volvo brand. The Swedish-Chinese brand has enjoyed a renaissance since Geely acquired the brand several years ago.