New Renault Captur in SA

Renault has expanded its SA compact SUV range with the launch of the new Captur.

Renault: 50 years of ‘voiture a vivre’

Renault effectively moved the goal posts when they unveiled the 'Renault 16' in 1975, 50 years on and the hallmarks still ring true for their current models.

Daimler takes charge of Merc F1

2012-11-20 08:02

DAIMLER TAKES THE REINS: Outgoing Mercedes F1 driver Michael Schumacher goes around Austin's Circuit of the Americas.

LONDON, England - German automaker Daimler has taken full control of the Mercedes Formula 1 team after buying a 40% stake owned by Abu Dhabi sovereign wealth fund Aabar Investments.

Involvement in F1 gives a car brand like Mercedes access to a huge global TV audience following the 20-race series and allows it to use the drivers to help promote sales of road cars.


The sale of the F1 stake is a logical step for Aabar which has been cutting its ties with Daimler. Aabar's disposal in October, 2012 was triggered by a failed derivatives deal underpinning the investment firm's purchase of the shares, sources familiar with the matter told Reuters.

In October it sold its remaining 3% stake in the company which produces Mercedes cars.

Regulatory approval is still required for the sale of the stake in the F1 team and financial terms were not disclosed.

Daimler and Aabar teamed up in motor racing in late 2009 when they bought out F1's then world champion, Brawn GP, and relaunched it the following season under the Mercedes name.

Mercedes is fifth in the 12-team F1 standings, with just one race to go this season.

The team has signed a commercial agreement to compete in the sport until 2020. It hopes to perform better in 2013 after hiring former world champion Lewis Hamilton on a three-year-deal.


Hamilton, who won the US Grand Prix on Sunday, is one of the sport's most marketable figures who is seen as helping to add a dash of glamour to the Mercedes brand.

Before rejoining F1 in 2010, Mercedes had last run its own F1 team in 1955, when Argentine Juan Manuel Fangio drove for the team and won the third of his five titles.

The automaker pulled out of the sport that year after one of its cars crashed at the Le Mans 24 Hours, killing more than 80 spectators in motor racing's biggest disaster.

Mercedes also supplies engines to the McLaren and Force India F1 teams.

Read more on:    mercedes  |  daimler  |  lewis hamilton  |  london  |  f1

Read Wheels24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Inside Wheels24

F1: Seven facts you probably didn't know

You might be surprised to learn these 7 facts about the world's most expensive form of motorsport: Formula 1.

There are new stories on the homepage. Click here to see them.