Daimler, the owner of Mercedes’ carmaking arm, has now assumed full control of the Mercedes Formula 1 team after it bought out the stake owned by the Aabar group.
Aabar Investments is a sovereign wealth fund from Abu Dhabi, which specialises in investments in petrochemicals and oil retailing around the world. The company bought a 40% stake in the Mercedes team, and a further undisclosed stake – also believed to be 40% – in Scuderia Toro Rosso.
Having also bought a nine per cent stake in the Daimler group, Aabar has recently been selling its shares in the German company, and last month it sold the final 3% slice it held.
The sale situation is particularly complicated for those – like us – who pay scant attention to the worldwide stock exchange performances of car groups.
What is understood is that Aabar should have made quite a profit in their sale – having sold at a higher price than that in which they acquired the stock – but didn’t land up doing so,
It is believed that Aabar had come off worse in a complicated derivative deal that was thrashed out at the time of buying the stock, which left the profits going to the investment banks that bought Aabar’s stake, instead of Aabar itself.
The announcement will also mean that Mercedes’ newly-appointed advisor/ambassador, former three-time World Champion Niki Lauda, will need to find a new cap sponsor…
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