DUBAI, United Arab Emirates (AP) — The Abu Dhabi investment fund with the biggest stake in automaker Daimler says its shareholders have approved its plan to go private.
Aabar Investments said in a regulatory filing Monday investors backed the proposal to delist its shares from the Abu Dhabi stock exchange at a meeting Sunday. The decision was expected because the oil-rich emirate's government owns a controlling stake.
Analysts say the move will give the firm more room to maneuver. It could also reduce transparency by allowing Aabar to release less financial information than it does now.
Besides its stake in the maker of Mercedes-Benz, Aabar is a major shareholder in Italy's leading bank UniCredit and Richard Branson's space travel startup Virgin Galactic.