Daimler complete Mercedes GP takeover 28 Feb 2011
Carmakers Daimler announced on Monday that, together with Aabar Investment PJS, they have acquired the remaining 24.9 per cent stake in Mercedes GP from the teams management, led by team principal Ross Brawn.
Daimler and Aabar - Daimlers biggest shareholder - now own 100 percent of Mercedes GP, with Daimler upping their stake from 45.1 percent to 60 percent, while Aabars has increased from 30 to 40 percent. It follows Daimlers purchase of a 45.1 percent stake in the team (then Brawn GP) back in November 2009.
"This majority stake holding demonstrates our determination to build a long-term Formula One involvement on an even more successful platform," explained Dr Dieter Zetsche, CEO of Daimler AG and Head of Mercedes-Benz Cars."Our company's founders invented the automobile 125 years ago and the very first Mercedes was a racing car. These are the reasons why we see our Formula One programme as an important element of our brand history.
The acquisition of a majority stake holding in our Silver Arrows team sends a clear signal that we intend to achieve technical and sporting success on world motorsport's biggest and most important stage - and to do so in cost-effective conditions."
Ross Brawn commented: "Daimler and Aabar's acquisition of the remaining 24.9 per cent stake in Mercedes-Benz Grand Prix will be a further step in the consolidation and strengthening of our team for the future. Motor racing, particularly Formula One, is a very specialised industry, and we are privileged to have such strong and understanding partners as Daimler and Aabar to support our joint ambitions.
I remain fully committed to our team for the long-term, along with the management team and all of our employees. We all look forward to the challenge of making our team successful, and proudly representing Mercedes-Benz and the racing tradition of the Silver Arrows."
Norbert Haug, Vice President of Mercedes-Benz Motorsport added: "It is a logical step to acquire the remaining 24.9 percent of Mercedes-Benz Grand Prix together with our partner Aabar. Daimler and Aabar will be joint owners, in the ratio of 60/40, of our Formula One company and Silver Arrows works team. This lays the foundations for a successful long-term involvement at the pinnacle of motorsport."
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