Abu Dhabi cancels on Daimler and Opel

Abu Dhabi's government-linked investment fund Aabar does not plan to buy further shares in Daimler or a stake in General MotorsÔÇÖ German unit Opel, a spokesman for Aabar said.┬á General Motors' Opel has said it needs 3.3 billion euros in state aid from European governments to save jobs and keep plants open. It also said it needs an outside investor to push through its restructuring plan, and so far no one has publicly declared interest in Opel.┬á┬á A German labour leader at the cash-strapped carmaker has confirmed the government of German state of North Rhine-Westphalia held talks with Abu Dhabi about Opel last week, but did not name the possible investors there.GermanyÔÇÖs Focus magazine said Aabar has the funds and interest to invest in OpelÔÇö who is frantically seeking an investorÔÇö but had no plans to do so, brushing off speculation that Aabar could make a white-knight appearance. ┬á The ailing carmaker's rescue has become a political hot potato ahead of German elections in September as pressure mounts to help Opel, which traces its roots to the 19th century and was once a symbol of the country's post-war recovery.┬á Last month, Abu Dhabi's state-controlled International Petroleum Investment Company (IPIC) bought a 9.1 percent stake in Daimler for almost 2 billion euros. The magazine said Abu Dhabi was in talks to raise its Daimler stake from 9.1 percent now to more than 20 percent.When asked about a report on Friday that Aabar was raising its stake in Daimler, the spokesman said,"We are not."