Business | Investment
Abu Dhabi fund eyes large stake in Daimler
The Abu Dhabi Investment Authority (Adia), the world's largest sovereign wealth fund which has bought into Citigroup, is interested in buying a large stake in Daimler, the German Focus magazine reported.
- Reuters
- Published: 22:23 August 9, 2008
Frankfurt : The Abu Dhabi Investment Authority (Adia), the world's largest sovereign wealth fund which has bought into Citigroup, is interested in buying a large stake in Daimler, the German Focus magazine reported.
The magazine quoted sources close to the company as saying Daimler chief executive Dieter Zetsche was warm to the plan as the German car maker was vulnerable to attacks from private equity investors due to its weak share price and the lack of large shareholders.
Focus also said Daimler managers were in talks with Adia.
It added that Kuwait, Daimler's only major shareholder with a 7.6 per cent stake, plans to increase its holding in the company.
Daimler had said it was not seeking another large shareholder.
"We do not comment on current and potential investors when their holdings are below disclosure levels," a Daimler spokes-man told the magazine.
Daimler had posted an earnings before interest and tax of 2,053 million euros in the second quarter of 2008.
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