Daimler takes over Mercedes F1 team

By Ubaid Parkar, 20 November 2012
© Mercedes

The Mercedes Formula 1 team will now be fully under the reins of Daimler after the German car manufacturer bought 40 percent of the racing outfit from Abu Dhabi investment giant Aabar Investments.

The transaction, for which the amount has not been revealed and is subject to regulatory clearance, will end the F1 association between Daimler and Aabar which started in late in 2009, when the two firms took over the championship winning Brawn team.

Aabar was the biggest single shareholder of Daimler but sold three of its original nine percent share last month, as the two started to split ways.

Daimler spends less than half the sum on F1 than it did five years ago and doesn't plan to increase its funding despite the recent developments.

 

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Related: 2012, Mercedes AMG

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