Daimler CFO Bodo Uebber denies rumors of potential takeover

Article by Christian A., on April 29, 2012

Daimler's Chief Financial Officer Bodo Uebber has dismissed speculations that the automaker could be acquired, despite media reports that Gulf emirate Abu Dhabi and its Aabar investment fund is exiting its share. In a conference call following Daimler's release of first-quarter financial results, Uebber emphasized that they are "not a takeover candidate," adding that they are "a healthy company with a balanced shareholder structure."

Daimler is anticipating having a free cash flow in 2012 from its industrial operations, which is more than sufficient to finance its April dividend payment of 2.35 billions, a company spokesperson disclosed. He was explaining a comment made by Uebber during the conference call referring to "operating cash flow." The spokesperson clarified that Uebber meant free cash flow from ongoing operations.

Uebber had stated that this does not include any potential cash contributions for pension obligations or any investments resulting from acquisitions and mergers. Last week, Germany's manager magazin revealed that Abu Dhabi is currently in talks regarding ways to dispose its remaining 3% share in Daimler. Through its Aabar investment fund, the Gulf state invested 1.95 billion euros in March 2009 in Daimler, providing fresh capital amidst the worldwide recession. [source: Autonews]

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