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FINANCIAL NEWS
Aabar considers reducing stake in Daimler
25 May 2011
(MENAFN) Aabar Investments PJSC, said that it might decrease its stake in Daimler AG, the maker of Mercedes Benz cars through issuing a bond exchangeable into the manufacturers shares, reported Bloomberg.
The company, which is Daimlers largest shareholder, added that it would raise USD1 billion in the transaction which could lessen Aabar’s holding to 8 percent from the current 9.1 percent once the bond would mature in 2016, adding that it had thought about raising its stake in Daimler previously to 15 percent, and now it might convert as many as 12.2 million shares, or 1.1 percent of the automaker’s capital in the bond issue.
It also said that it could choose to settle the bonds in cash and hold derivative contracts to participate in additional gains in Daimler stock. The issue was to benefit from attractive market conditions and the proceeds would be used for general corporate purposes.
It is owrth noting that Aabar, the Abu Dhabi sovereign wealth fund, will keep its investments in Daimler. Its projects with Daimler include a joint 7.9 percent investment in electric car manufacturer Tesla Motors Inc. (TSLA) and a 40 percent stake in Mercedes’ Formula One racing team.
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