Daimler has taken full control of the Mercedes Formula 1 team, by buying a 40 percent stake from Abu Dhabi sovereign wealth fund Aabar Investments for an undisclosed sum.
Aabar, which has been cutting its ties with Daimler, last month it sold its remaining 3 percent stake in the company. Mercedes and Aabar joined forces in F1 when the Abu Dhabi group bought nine percent of Daimler. Aabar also owns a percentage of Scuderia Toro Rosso, believed to be 40 percent with an option to acquire more at some point.
Aabar recently sold all of its Daimler stock and should have made a big profit because of the share price when the stake was bought and sold, but the firm booked a big loss and dumped some of its management. This odd situation is believed to have been caused by complicated derivative deals that went wrong, leaving the profits to be made by the investment banks who bought options on the shares that Aaabar had acquired.