The Straits Times
Published on Nov 20, 2012

Daimler takes control of Mercedes F1 team


BERLIN (AFP) - German auto giant Daimler confirmed on Monday that it had taken full control of the Mercedes Formula One team after buying up a 40 per cent share from the Abu Dhabi-based fund Aabar, AFP's subsidiary SID reported.

Aabar joined forces with Daimler in 2009 but had since decided to stop funding the Mercedes team.

Seven-time world champion Michael Schumacher, who will race in his final Grand Prix before retiring on Sunday, will be replaced at Mercedes next year by Briton Lewis Hamilton, who signed from McLaren.

Hamilton will race for the German team alongside Nico Rosberg.