Abu Dhabi investment for Daimler

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} An Abu Dhabi state investment fund, Aabar Investments, has taken a 9.1 percent stake in German vehicle manufacturer Daimler, the worldÔÇÖs largest truck maker and the owner of the Mercedes Benz brand.   The fund will become DaimlerÔÇÖs biggest shareholder after an investment of Ôé¼1.95 billion (┬ú1.83 billion, $2.7 billion), pushing the Emirate of Kuwait, which has a 7 percent stake, down to second place.   Daimler reported a net loss of Ôé¼1.53 billion in the final quarter of 2008 as the global downturn hit demand for luxury cars and trucks. The investment will strengthen its finances and make it less vulnerable to unwanted takeover attempts.   Gulf Arab states are keen to diversify their economic base away from energy extraction into manufacturing and services. Aabar's chairman Khadem Al Qubaisi said that Daimler was an iconic brand and had an excellent reputation.   Daimler and Aabar said they would co-operate on the development of electric vehicles and new materials for auto production as well as establish a centre to train young people in Abu Dhabi for the auto industry. "We are delighted to welcome Aabar as a new major shareholder that is supportive of our corporate strategy," said Daimler chairman Dieter Zetsche.   Abu Dhabi's International Petroleum Investment Company (IPIC) has underwritten the investment by purchasing the second and final tranche of convertible bonds issued by Aabar for a total 5.2 billion dirhams (┬ú973.6 million).     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *