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FINANCIAL NEWS
Abu Dhabi’s Aabar sells remaining Daimler stake for USD1.6b
12 Oct 2012
(MENAFN) Daimler said that Abu Dhabi’s Aabar sold its remaining stake in the German carmaker for USD1.6 billion earlier this month, reported Arabian Business.
The company said that the 3.07-percent stake the Arab sovereign wealth fund sold is equal to 32.75 million shares, adding that Aabar still owns cash-settled call options comparable to 12.75 percent of Daimler’s shares.
Aabar bought its 9-percent stake in Daimler in 2009 for USD2.51 billion, with the deal instating the company as the largest investor of the Mercedes-Benz maker.
The exit of Aabar comes after recent news of a Mercedes profit warning and a possible sliding revision to the division’s operating margin target for 2013.
It is worth noting that recently, Kuwait raised it stake in Daimler from 6.9 percent to 7.6 percent.
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