Aabar Investment, a fund controlled by the oil-rich sheikhs of Abu Dhabi has taken a 9.1% stake in Daimler for $2.7 billion, becoming its biggest shareholder.

The market has reacted favorably: the maker of Mercedes–Benz cars and commercial trucks has seen its share price jump by 8% on the Frankfurt Stock Exchange.

CEO Dieter Zetsche said the deal would enable Daimler to continue investing in new technology. The company plans on spending 6 billion dollars on research and development this year even as it was forced to cut hours for 54,000 workers and shut two plants in North America.

Source: Bloomberg, The Guardian, Reuters

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