Report: China fund in talks to buy Daimler stake

[January 07, 2013]  BEIJING (AP) -- A Chinese newspaper says the country's sovereign wealth fund is in talks about possibly buying a stake in German luxury automaker Daimler AG.

The Communist Party newspaper Peoples Daily said on its website, citing anonymous sources, that the China Investment Corp. might buy 4 to 10 percent of Daimler. It gave no other details.

Phone calls to CIC were not answered. The fund was created to invest a portion of China's $3 trillion in foreign reserves. It limited its early investments to buying minority stakes in large companies to avoid arousing political opposition but has been making bigger direct investments.

[Associated Press]

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