Abu Dhabi's Aabar eyes more ventures with Daimler

Mon Jul 13, 2009 4:38am EDT
 
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DUBAI, July 13 (Reuters) - Abu Dhabi's Aabar Investments AABAR.AD plans more joint ventures with Daimler AG DCXGn.DE, the state-controlled firm said on Monday after purchasing a 4 percent stake in electric carmaker Tesla Motors from Daimler.

"There are a lot of things that we are discussing together and we are trying to finalise a deal," Aabar Chairman Khadem Al Qubaisi said in an interview with Reuters on Monday.

"It's too early to speak about the companies -- in the next few months," he said. Qubaisi spoke after Aabar said it had purchased a 4 percent stake in electric-car start-up Tesla Motors Inc from Daimler with the aim of starting a joint venture, leaving Daimler with a 6 percent stake in Tesla.

"We closed this deal with Daimler because I think this would benefit Daimler a lot," Qubaisi said.

Tesla is one of the biggest players in the burgeoning electric car sector, while Aabar is viewed as a spearhead investor for the emirate of Abu Dhabi in non-energy assets.

In March, Aabar purchased a 9.1 percent stake in Daimler, saying then it would pursue joint strategic projects.

In May, Daimler acquired an equity interest of just under 10 percent in Tesla. (Reporting by Thomas Atkins, editing by Sue Thomas)

 

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