Abu Dhabi’s Aabar Fund sells Daimler stake for record 1,25 billion euros
Aabar Investments, the Abu Dhabi fund, has sold its remaining shares in the German car maker Daimler (owner of Mercedes Benz) for more than €1 billion, almost doubling its investment in three years. Daimler‘s share price stood at €38.15 when the sale went through on Thursday, about 85 per cent higher than the €20.27 a share Aabar paid in March 2009, which represented a 5 per cent discount to the market price at the time. The fund retains 12.75 per cent indirect voting rights at the car maker through financial instruments, according to a Daimler spokesperson
The move may increase the pressure on Mr Zetsche, who is resisting shareholder demands to spin off Daimler’s commercial truck division and focus on reviving the fortunes of the luxury car brand. Daimler will report its quarterly earnings on October 25.