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Abu Dhabi to exit Daimler: report

By Reuters FRANKFURT: Abu Dhabi is to exit its investment in German carmaker Daimler as the oil-rich state curbs overseas investment deals among its funds, a German magazine reported on Thursday. The Gulf state’s investment fund Aabar is currently discussing ways of disposing of its remaining stake after having cut its direct holding to 3 …


By Reuters

FRANKFURT: Abu Dhabi is to exit its investment in German carmaker Daimler as the oil-rich state curbs overseas investment deals among its funds, a German magazine reported on Thursday.

The Gulf state’s investment fund Aabar is currently discussing ways of disposing of its remaining stake after having cut its direct holding to 3 percent from 9 percent, manager magazin reported, citing company sources.

The report also said Aabar wanted to exit its 40 percent stake in Daimler’s Mercedes Formula 1 team.

Daimler and Aabar were not immediately available for comment.

Abu Dhabi, which accounts for more than half of the UAE’s economy, is reviewing its overseas investment portfolio as part of measures to instill more discipline in dealmaking among its investment firms.

State energy firm TAQA this month sold its 7 percent stake in Tesla Motors Inc, in which Daimler and Toyota also hold shares, cashing out from the US electric car maker’s steady stock rally.

Aabar became Daimler’s largest investor after buying a 9.1 percent holding for €1.95 billion ($2.6 billion) in 2009. The German carmaker’s share price has since doubled, meaning the stake now has a market value of just over €4 billion.

Aabar holds 3.1 percent of Daimler directly, while the rest of its holding comprises shares over which it has a right to redelivery.

Shares in Daimler were down 0.9 percent at €41.69 at 1017 GMT, compared with a 0.1 percent gain by the STOXX Europe 600 Automobiles & Parts index.

 

Topics: Abu Dhabi

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