New Delhi: Financial regulators looked into suspicions of insider trading in carmakers Daimler and Aston Martin shares but found no evidence of wrongdoing, the Financial Times reported late on Tuesday.
German markets watchdog BaFin looked into trading at Daimler and also passed information to counterparts at the UK’s Financial Conduct Authority regarding trading in Aston Martin shares, the newspaper said.
The regulators did not find evidence to proceed with an investigation, the newspaper added.
BaFin, FCA, Aston Martin and Daimler did not immediately respond to a request for comment outside regular working hours.
Regulators looked into the purchase of a stake in the UK luxury carmaker by Toto Wolff, Mercedes’ Formula One boss, the newspaper said.
Wolff, who owns about a third of the Mercedes team, purchased shares in Aston Martin in April last year while Daimler, the parent company of Mercedes, also owns a minority stake in Aston Martin. Wolff bought a 0.95% stake in Aston Martin from a vehicle controlled by Lawrence Stroll, the UK car maker’s executive chair, according to the FT.
In the following month, Aston Martin appointed Tobias Moers, the former head of Mercedes’ AMG business, as its CEO. In October, Daimler said it would raise its stake in Aston Martin to 20% from less than 5%.
Mercedes F1 said Wolff had not been aware of either plan when he acquired the shares and that “all relevant disclosures were made to the UK financial authorities at the appropriate time”, according to the newspaper. Wolff did not acquire or trade any Daimler shares or securities last year, the newspaper added.
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The approval was sought under the green channel route, an automatic approval system whereby a combination is deemed to have been approved by the regulator upon receiving the filing of the notice for the combination by the parties concerned.