The Mercedes AMG Petronas Formula One team is now under the full control of Daimler, after the company bought out a remaining stake in the motorsport group.
Industry journal Automotive News reports Daimler bought the 40 per cent stake in the Mercedes-Benz Formula 1 team from Abu Dhabi sovereign wealth fund Aabar Investments PJSC for an as yet undisclosed amount.
According to the report, Aabar Investments’ move to sell its F1 stake follows a decision last month to sell its remaining voting stake in Daimler.
In a statement from Aabar’s Abu Dhabi-owned parent group International Petroleum Investment Co., the fund’s sale of its stake is conditional upon approval from German and Italian antitrust authorities.
Aabar acquired its 40 per cent stake in Mercedes AMG Petronas in 2009, as part of purchasing a nine per cent stake in Mercedes-Benz.
The Mercedes F1 team has had a difficult few years despite having seven-time Formula One world champion Michael Schumacher – retiring at the conclusion of this season – on board since the team re-entered the sport in 2010.
For the 2013 season, Mercedes AMG Petronas will have 2008 Formula One world champion Lewis Hamilton and existing driver Nico Rosberg as its wheelmen.