Abu Dhabi Firm Buys 9.1% of Daimler - Mercedes-Benz Forum

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post #1 of 2 (permalink) Old 05-22-2009, 08:28 AM Thread Starter
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Abu Dhabi Firm Buys 9.1% of Daimler

This is a couple of months old, but interesting anyway. Is this a good thing?

Source WSJ March 23, 2009 (MarketPlace page B1):

“…The deal, worth $2.65 billion to Daimler will set Aabar Investments PJSC as the largest single stakeholder in the Stuttgart-based auto maker, raising the amount of Middle Eastern ownership of the company significantly. When the deal was announced Sunday, Kuwait was the company’s largest shareholder, with a stake of about 7.6%”

"Daimler had swung into the red in the fourth quarter 2008 due to slump at its core Mercedes-Benz Cars unit and a painful loss on its stake in Chrysler LLC....Daimler expects a loss in the first quarter of 2009 as well."

The article goes on to state that activist shareholders are pushing for a strategic shift, such as a potential spin-off of the truck division.

Last edited by bgoin; 05-22-2009 at 09:58 AM.
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post #2 of 2 (permalink) Old 05-22-2009, 02:31 PM
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Originally Posted by bgoin View Post
This is a couple of months old, but interesting anyway. Is this a good thing?
From the press release at the time:

Khadem Al Qubaisi, Chairman Aabar: “Daimler is an iconic brand and a financially strong company with a reputation for excellence worldwide. We are delighted to have the opportunity to make this investment and a excited by the commercial potential of our partnership. We believe that our future cooperation will be beneficial for Aabar and create social and economic benefits for Abu Dhabi and the United Arab Emirates. We look forward to working with Daimler to fully realize these opportunities.”

The future cooperation will focus on joint initiatives in the following areas:

-- Electric vehicles with a particular focus on projects aiming at the reduction of CO2-emissions

-- Development and/or production of innovative compound materials to be used in automotive manufacturing

-- Social projects such as the establishment of a training centre in Abu Dhabi to educate young talent for positions in the automotive industry

electric vehicle vision in Masdar, Abu Dhabi, architect: Norman Foster

Last edited by Wolfgang; 05-22-2009 at 02:36 PM. Reason: correct line feeds
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