Aabar Investments, an Abu Dhabi-based investment fund, is set to become Daimler's largest shareholder after agreeing to take a 9.1 per cent stake the German premium carmaker amid the worst industry crisis in decades.
The investment by the Abu Dhabi based sovereign wealth fund came as carmakers around the world were reeling under the drastic demand drop that rapidly burns some of those companies' cash. Some, such as General Motors in the US and its German affiliate Opel, have asked their governments for multi-billion state help.
Daimler said it would increase its share capital by 10 per cent and Aabar would pay €20.27 per share for the entire offering, which will make the part-state owned Gulf company its largest shareholder.
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