DAIMLERCHRYSLER AG will pay 817 million yuan (US$104 million) to take 24 percent shares in China's Beiqi Foton Motor Co, China's biggest light-duty truck maker, the Chinese company said.

DaimlerChrysler, the world's biggest truck maker, will buy the 297 million shares at 2.75 yuan and become the second-largest shareholder of Beiqi Foton. DaimlerChrysler also agreed to form a strategic partnership with Beiqi Foton, helping it upgrade Foton's medium and heavy duty trucks.