Daimler AG has taken full control of the Mercedes AMG Petronas F1 team by purchasing a 40 per cent stake that was owned by Aabar investments, which is controled by Abu Dhabi government. This development comes a month after Aabar sold its three per cent stake in the German automakers road car business.
Aabar had bought a nine per cent stake in Mercedes during the 2009 financial crisis. The purchase also entitled them to 40 per cent stake in the then newly acquired F1 team. Both Daimler and Aabar have not revealed any details on the cost of the deal. Final details will emerge once the deal has been scrutinised and aprooved by the German and Italian antitrust authorities.
The Mercedes AMG Petronas F1 team represented by seven-time world champion Michael Schumacher and German compatriot Nico Rosberg are currently fifth in the 2012 F1 standings with 136 points and are locked in an end of the season battle with Sauber Ferrari who are twelve points behind them.
Image courtesy: Mercedes-Benz blog
