Font Size

- Aa +

Fri 27 Apr 2012 12:05 PM

Font Size

- Aa +

Daimler dismisses takeover amid Aabar exit talk

Abu Dhabi investment firm said to be mulling exit from German automotive group

Daimler dismisses takeover amid Aabar exit talk
A Daimler AG Concept Coupe automobile at the Beijing International Automotive Exhibition. (Bloomberg)

German automotive group Daimler finance chief Bodo Uebber refuted speculation on Friday that the company could be acquired, amid news reports that Gulf emirate Abu Dhabi and its Aabar investment fund is exiting its stake.

"We are not a takeover candidate, we're a healthy company with a balanced shareholder structure," he told reporters during a conference call after Daimler published first-quarter financial results.

Daimler expects to achieve a free cash flow from its industrial operations this year that is more than enough to fund its April dividend payment of 2.35 billions, a spokesman for the company said.

He was clarifying a comment Uebber during conference call referring to "operating cash flow", explaining that Uebber meant free cash flow from ongoing operations.

"This does not include any possible cash contributions for pension obligations or any investments stemming from mergers and acquisitions," Uebber had said.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.