Zhejiang Geely Holding chairman Li Shufu does not plan to obtain any more shares in Daimler for the time being, following his acquisition of a 9.69% stake in the German automaker group. This share purchase made the Geely founder the largest single shareholder in the Daimler AG, which was worth approximately 7.3 billion euros (RM35 billion) at the time of share acquisition.

“Daimler is an outstanding company with a first-class management. It will be an honour to support this unique team under the leadership of Dieter Zetsche in the future. I am particularly pleased to accompany Daimler on its way to becoming the world’s leading electro-mobility provider,” Li was quoted as saying.

The temporarily satiated appetite for Daimler shares follows Geely’s rather covert purchase reported earlier this month, where said shares were most likely acquired from the open market. Daimler turned down an offer from Geely to collect a stake of up to 5% via a discounted share placement, but was declined due to concerns for diluting existing stocks.

The reservation was also due to concerns of alienating Daimler’s existing joint venture partners in China, BAIC and BYD, both of which are Geely’s competitors. Prior to the announcement of Li’s stake in Daimler, the German automaker group had announced plans for joint-venture manufacture of EVs with BAIC, with both companies looking at investing more than 11.9 billion yuan for the construction of a new factory in China.

Geely worked with Bank of America Merrill Lynch to help secure the 9.69% stake in Daimler by using derivatives to help get around disclosure requirements, according to individuals familiar with the deal as told to Reuters. The first signs of side effects from the share acquisition have surfaced, as Volvo Trucks dropped the CEO of Volvo Cars from its board, according to the report, citing concerns of competition with Daimler.

Trade ministers in the European Union will also be convening this week to discuss a range of issues this week, Reuters added, including how to better protect the region’s strategically important companies such as key automakers from unwanted investors; of particular concern to Daimler is investors’ access to expertise in electric and autonomous mobility, and the demand for which is driven by China’s push for its domestic automakers to get EVs to its masses.