Daimler Sells 9.1 Percent Stake to Abu Dhabi Firm

In a move that many analysts see as a need to raise some much needed cash during a time of deepening global recession, Mercedes-Benz' parent company Daimler announced that it has sold a 9.1% stake worth €1.95 billion (US$2.65 billion) to Aabar Investments PJSC of Abu Dhabi.

Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars said "We are delighted to welcome Aabar as a new major shareholder that is supportive of our corporate strategy. We look forward to working together to pursue joint strategic initiatives."

Aabar's Chairman, Khadem Al Qubaisi said: "Daimler is an iconic brand with a reputation for excellence worldwide. 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."