Aabar seeks to shed its stake in Daimler

Abu Dhabi Aabar Investments is looking to exit its investment in German carmaker Daimler, Reuters reported on Wednesday, citing a report by Germany's Manager Magazine. "Aabar is currently discussing ways of disposing of its remaining stake after having cut its direct holding to 3 per cent from 9 per cent, Manager Magazine reported," Reuters said. According to the same report, Aabar also wants to exit its 40 per cent stake in Daimler's Mercedes Formula 1 team. Aabar became Daimler's largest investor after buying a 9.1 per cent holding for €1.95 billion (Dh9.36 billion) in 2009. The German carmaker's share price has since doubled, meaning the stake now has a market value of just over €4 billion, Reuters said. Today, Aabar holds 3.1 per cent of Daimler directly, while the rest of its holding comprises shares over which it has a right to redelivery. Bloomberg reported that Daimler is unaware of any plans by Aabar to sell its holding. "It's not known to us that Aabar wants to reduce its stake and there are no talks on this topic," spokesman Florian Martens told Bloomberg on Wednesday. Gulf News could not reach Aabar for a comment. From gulfnews