Aabar wants to increase its 9.1% stake in Daimler to 15%

Published by Andrew Christian @andrew4wheels Google+ | Monday August 30, 2010

Aabar wants to increase its 9.1% stake in Daimler to 15%

Teaming up to jointly acquire a majority of Formula One champions Brawn GP seems to have whet Aabar's appetite for more as it now says that it wants to raise its 9.1% stake to 15%. This statement was made by Khadem al Qubaisi, the chairman of Aabar, Daimler AG's largest shareholder. These comments resulted to a 4% increase in Daimler shares.

Al Qubaisi told Bloomberg that the Abu Dhabi-listed investment company was in talks to raise its holding to 15%. He clarified that the timing will depend on the stock price. When asked by Reuters whether Aabar was considering raising its interest in Daimler, al Qubaisi answered in the affirmative but declined to give details.

The listed non-energy investment arm of Abu Dhabi sovereign wealth fund, IPIC invested 1.95 billion euros ($2.9 billion) in March this year to overtake the Gulf state of Kuwait as Daimler's largest shareholder. Raising its interest to 15 percent would require buying an additional 62.7 million shares, which would cost Aabar another 2.24 billion euros at current prices. Daimler has yet to comment on Aabar's statements.

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