Thread: Daimler assumes full control of the Mercedes AMG Petronas Formula 1 team by purchasing out remaining 40% share
11-22-2012, 11:29 AM #1
Daimler assumes full control of the Mercedes AMG Petronas Formula 1 team by purchasing out remaining 40% share
The Mercedes-Benz Formula 1 effort is now completely under the control of Daimler. This move follows on the decision of Abu-Dhabi based investment fund Aabar to put its 40% stake in the team up for sale. Daimler now becomes the sole owner of the team. Aabar also relinquished its 3% stake in the Daimler Motor Company. Aabar has not announced why it decided to get rid of its holdings of Daimler or the Formula 1 team and this deal is still subject to approval.
Mercedes-Benz seems to be attempting to maneuver to the top of Formula 1 with their purchase of of Aabar's share as well as the signing of driver Lewis Hamilton to replace Michael Schumacher. Mercedes will continue to supply McLaren and Force India with motors. It appears the 2013 Mercedes Formula 1 effort will be much stronger.