Abu Dhabi Oils Daimler's Wheels

What do a soccer team, Barclays and now Daimler have in common? They are all financially backed by billionaire sheikh Mansour bin Zayed al-Nahyan. The German carmaker announced over the weekend that an investment fund controlled by the sheikh, a member of Abu Dhabi's royal family, was paying $2.7 billion to become its biggest shareholder, with a 9.1% stake.

The carmaker, which recently said it would post an operating loss in the first quarter, is increasing its share capital by 10.0% to accommodate the new investor, diluting its current investors' shareholdings by the same amount. Nonetheless, shares of Daimler rose by 33 euro cents (45 cents), or 1.6%, to 21.67 euros ($29.55), in Frankfurt. The investment makes the Emirate of Kuwait, a major shareholder since 1974, Daimler's second-biggest investor with a 6.9% stake.

Read Full Article from Forbes

- Posted: 2009-03-23 08:01:03

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