Tuesday 7 June 2011

FT.com - Aabar eyes farm deals with Glencore

Aabar is eyeing joint investments with Glencore as the multibillion-dollar Abu Dhabi sovereign wealth fund seeks to deepen its relationship with the world’s largest commodities trader.

Aabar became the largest non-employee shareholder in Glencore after the trader’s $10bn flotation last month in London, owning a 1.4 per cent stake worth $850m.

Mohamed al-Husseiny, Aabar chief executive, said the investment was part of a strategy similar to one that the sovereign wealth fund has followed with Daimler, the German car manufacturer in which it owns a 9 per cent stake. Besides the shareholding, Aabar and Daimler have partnered in other ventures, including the Formula 1 racing team, truck production in Algeria and electric vehicles.

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