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Daimler takes full control of Mercedes team
German luxury carmaker Daimler has taken full control of the Mercedes Formula One motor racing team after buying a 40 percent stake owned by Abu Dhabi sovereign wealth fund Aabar Investments. Involvement in Formula One gives a car brand like Mercedes access to a huge global TV audience following the 20-race series and allows it to use the drivers to help promote sales of road cars. The sale of the Formula One stake is a logical step for Aabar which has been cutting its ties with Daimler. Aabar's disposal in October was triggered by a failed derivatives deal underpinning the investment firm's purchase of the shares, sources familiar with the matter told Reuters. Last month it sold its...
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13y ago from SuperSport.com
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