Daimler, Beijing Automotive Group Co., Ltd. (BAIC Group) and BAIC Motor Corporation Ltd. (BAIC Motor) signed a contract on February 1, 2013 whereby Daimler will invest approximately€0.6 billion in BAIC Motor. BAIC Motor is the car company of BAIC Group, one of the leading automotive groups in China. The investment will be executed by the issue of new shares in Daimler and will represent an equity interest of 12% in BAIC Motor. The agreement is subject to the approval of the relevant authorities. The approvals for the completion of the transaction will require at least nine months. The contract specifi es that Daimler will have two seats on the board of directors of BAIC Motor. Furthermore, the two parties have agreed that BAIC will increase its interest in the joint venture Beijing Benz Automotive Co., Ltd. by means of a capital increase by 1 percentage point to 51%. At the same time, Daimler will increase its interest in the joint, integrated sales company Beijing Mercedes-Benz Sales Service Co., Ltd. also by 1% to 51%. Daimler will examine the eff ects of these transactions on the consolidated financial statements; a reliable assessment of the impact on earnings is not yet possible.
Daimler has announced personnel adjustments for the Daimler Trucks division in Germany, the United States and Brazil. In the area of production, it is assumed that up to 1,300 employees will be laid off in the United States, while approximately 1,400 employees in Brazil who are currently laid off will be reemployed. In non-production areas, headcount reductions are expected in Germany of approximately 800 persons and in Brazil of approximately 850 persons. Discussions with the employee representatives are ongoing. The effects on the consolidated financial statements can only be calculated following the resolutions that still have to be made.
Since the end of the 2012 financial year, there have been no further occurrences that are of major significance for Daimler. The course of business in the first two months of 2013 confirms the statements made in the Outlook section of this Annual Report.