Abu Dhabi prepares sale of Daimler stake
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Fri April 20, 2012 11:50 am

UAE. Daimler's largest investor, the oil rich emirate of Abu Dhabi, is preparing to sell its 9% stake in the German automotive group, two sources familiar with the situation told Reuters on Thursday, confirming a magazine report.

"Abu Dhabi has been mulling an exit for some time now," said one of the sources.

The emirate's sovereign wealth fund Aabar became Daimler's largest investor after buying a 9.1% holding for 1.95 billion euros ($2.6 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 euros.

A Daimler spokesman said the car maker had no knowledge of any plans by Aabar to reduce its Daimler stake, adding that there had been no talks with Aarbar on the matter.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: May 20, 2016
UAE. Approximately one in five respondents in the Middle East explicitly stated that they are willing to act unethically and offer entertainment to win or retain business; 23% of respondents agree that it is common practice to use bribery to win contracts.
date:Posted: May 20, 2016
INTERNATIONAL. Global stocks overlooked the resurgence in oil prices with most major stocks tumbling to fresh six week lows during trading on Thursday, on the possibility that the Fed could raise rates in Q2.
date:Posted: May 18, 2016
UAE. In 2015, 38% more security incidents were detected in the Middle East than in 2014; Theft of "hard" intellectual property increased to 56% in; Incidents attributed to business partners climbed to 22%, from 18% in 2014.
dhgate