- Aabar is currently “exploring ideas in the petrochemicals sector”
At the sidelines of a presentation of Daimler’s new-generation Mercedes-Benz SLK roadster in Stuttgart, Aabar Investments Chairman Khadem al Qubaisi said that acquiring a 9.1% stake in German auto maker was one of the firm’s best investments in the past two years. The Abu Dhabi based firm is frequently reviewing its options, but currently has no plans to increase its stake in Daimler AG.
“We are reviewing options frequently, but at the moment there is no plan,” al Qubaisi told reporters in Stuttgart last Saturday.
Aabar became Daimler’s largest shareholder in March 2009 when it bought a 9.1% stake for about $2.7 billion. The world’s second-largest luxury car maker was struggling at the time to steer through one of the auto industry’s most-dramatic downturns in recent decades and share-price levels were depressed. Aabar bought 96.4 million newly issued Daimler shares for EUR20.27 per piece. Daimler shares closed trading on Friday at EUR54.52 in Frankfurt.
Al Qubaisi reiterated that the investment in Daimler is part of a long-term strategy, which includes several cooperation projects for example in research and development and education. “But these cooperations have to make sense both for Daimler and for us,” he said. Al Qubaisi said Aabar would only pursue further projects or investments in the auto sector together with Daimler. He said Aabar is currently “exploring ideas in the petrochemicals sector,” but noted that talks are still at an early stage.
