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Truck giant Daimler to buy 24pc of Beiqi Foton

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Global player will pay 816.7m yuan, be No2 shareholder in light vehicle maker

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DaimlerChrysler of Germany, the world's largest truckmaker, will pay 816.75 million yuan for a 24 per cent stake of Beiqi Foton Motor, China's biggest light commercial vehicle producer.

Shares of Shanghai-listed Foton jumped 4.43 per cent to 3.77 yuan on the news yesterday.

The stock is up about 30 per cent for the year.

DaimlerChrysler will pay 2.75 yuan per share for 297 million new shares, making it Foton's second-largest shareholder after its parent company, Beijing Automotive Industry Holdings.

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Foton will also issue 129 million shares to its parent at the same price.

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