Tuesday 28 May 2024

Abu Dhabi 'exiting investment in Daimler'

Frankfurt, October 4, 2012


Abu Dhabi is exiting its investment in German carmaker Daimler, a German magazine reported, citing unidentified people within Daimler.
Abu Dhabi's sovereign wealth fund Aabar is transferring the rights to the last 3 percent of the shares it holds in Daimler to Deutsche Bank, manager magazin said.
Aabar is a unit of International Petroleum Investment Co. (IPIC). Deutsche Bank declined to comment. Aabar was not available to comment.
Daimler said in its annual report, published in February, that - according to Aabar - the fund physically held about 3 percent of Daimler's shares, had voting rights for about 5 percent and held a total of 9 percent, when including shares lent to third parties.
A spokesman for Daimler said it had no further information than that report.
Aabar became Daimler's largest investor after buying roughly 9 percent for 1.95 billion euros ($2.5 billion) in March 2009, much of which was promptly loaned out to finance the purchase.
Two people familiar with the matter had told Reuters in April that Abu Dhabi was preparing to gradually sell its stake in the German automotive group.
IPIC in June reported a fair value loss on its Daimler holding of $2.25 billion in 2011, while booking a $1.9 billion derivative gain on the stake. - Reuters

Tags: abu dhabi | Aabar | IPIC | Deutsche Bank | Daimler |

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