Abu Dhabi Sells Remainder of Its Daimler Stock

Abu Dhabi's sovereign wealth fund, Aabar Investments, has sold its remaining 3.1% stake in Daimler AG for an estimated €1.3 billion, the carmaker reports.

Germany's Manager Magazin reported earlier this month that Aabar was divesting the shares, as the magazine predicted in April.

Daimler says Aabar retains options that could be exercised for a 12.75% equity stake. The company notes that Kuwait recently boosted its Daimler stake to 7.6% from 6.9%.

Aabar became the company's biggest shareholder when it bought a 9.1% stake in 2009. The fund distributed all but 3.1% of the shares to the lenders that financed the stock purchase.

Analysts have speculated that Daimler's lack of an "anchor" stockholder such as the founding families at BMW and Volkswagen could make the company vulnerable to a takeover or pressure to spin off its commercial truck unit.