[lbo-talk] Dubai Holding buys $1bn stake in DaimlerChrysler

uvj at vsnl.com uvj at vsnl.com
Tue Feb 1 12:48:36 PST 2005


THE TIMES OF INDIA

SUNDAY, JANUARY 30, 2005

Dubai Holding buys stake in DaimlerChrysler

AP

DUBAI: Dubai International Capital has bought a $1 billion stake in DaimlerChrysler, the company said in a statement on Sunday.

Dubai International Capital, a recently established investment unit of state-owned Dubai Holding, said the purchase will boost its role as a major international investor.

DaimlerChrysler spokesman Thomas Froehlich welcomed the investment, adding that the purchase was recognition of DaimlerChrysler's potential.

He said the move makes Dubai the third-largest shareholder in the German-US company, after Deutsche Bank and the government of Kuwait.

According to DaimlerChrysler's website, Deutsche Bank has a 10.4 per cent stake in the company, while Kuwait has 7.2 per cent.

Froehlich said Dubai Holding's stake is well below five per cent.

Officials at Dubai Holding and Dubai International Capital weren't immediately available to provide additional details about the acquisition.

Dubai Holding is owned by Dubai Crown Prince Sheik Mohammed bin Rashid Al Maktoum, and includes several businesses that were once under the umbrella of his private office. Its units include real estate company Dubai Properties as well as Dubai Internet City, Dubai Media City, and Dubai Healthcare City.

Copyright © 2005 Times Internet Limited.



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