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Daimler to acquire Aabar's holding in Mercedes Grand Prix  Join our daily free Newsletter

MENAFN - 20/11/2012

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(MENAFN) International Petroleum Investment Co., the parent company of Aabar Investments PJSC, stated that its subsidiary will sell its stake in Mercedes-Benz' Formula One racing team to Daimler AG, reported Gulf News.

The company said that the deal still needs to gain approval from German and Italian antitrust authorities.

It added that the stake in Mercedes Grand Prix Ltd. will be acquired by Daimler UK Ltd.

In March 2009, the Abu Dhabi sovereign-wealth fund acquired a 9-percent stake in Mercedes, and as part of that partnership, the company obtained 40 percent of the Mercedes Formula One team.

 






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