Chairman and owner of China-based automaker Zhejiang Geely Holding Group Li Shufu has bought a 9.69% stake worth $9 billion in Daimler AG. The share purchase makes Li Shufu currently the single largest shareholder of Daimler.
That marks China's biggest acquisition of a foreign car maker.
Lee's goal is to turn Geely into a major international automaker that can be an equal rival to Volkswagen, Toyota and General Motors.
Geely purchased Volvo unit in 2010, then acquired shares of Britain and Malaysian automakers.
Li's investment in Daimler will likely give him a seat on the board and an inside perspective on Daimler's premier Mercedes-Benz car brand.
Qatar investment fund (6.86%) and BlackRock (about 6%) are among other major shareholders of Daimler AG.
