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Daimler takes full control of Mercedes team

Monday, 19 November 2012 - 5:55pm IST | Agency: Reuters
Aabar, which has been cutting its ties with Daimler, last month it sold its remaining 3 percent stake in the company.

German carmaker Daimler (DAIGn.DE) has taken full control of the Mercedes Formula One motor racing team by buying a 40 percent stake from Abu Dhabi sovereign wealth fund Aabar Investments for an undisclosed sum.

Aabar, which has been cutting its ties with Daimler, last month it sold its remaining 3 percent stake in the company.

Daimler and Aabar moved into motor racing in late 2009 when they bought out F1's then world champion, Brawn GP, and relaunched it the following season as Mercedes.

Briton Lewis Hamilton, a former world champion and one of the sport's best-known racers, will drive for Mercedes next season.

The deal is conditional on regulatory clearance.




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