Abu Dhabi is exiting its investment in German carmaker Daimler, a German magazine reported, citing unidentified people within Daimler.
Abu Dhabi's sovereign wealth fund Aabar is transferring t he rights to the last 3 percent of the shares it holds in Daimler to Deutsche Bank, manager magazin said.
Aabar is a unit of International Petroleum Investment Co. (IPIC).
Deutsche Bank declined to comment. Aabar was not available to comment.
Daimler said in its annual report, published in February, that - according to Aabar - the fund physically held about 3 percent of Daimler's shares, had voting rights for about 5 percent and held a total of 9 percent, when including shares lent to third parties.
A spokesman for Daimler said it had no further information than that report.
Aabar became Daimler's largest investor after buying roughly 9 percent for 1.95 billion euros ($2.5 billion) in March 2009, much of which was promptly loaned out to finance the purchase.
Two people familiar with the matter had told Reuters in April that Abu Dhabi was preparing to gradually sell its stake in the German automotive group.
IPIC in June reported a fair value loss on its Daimler holding of $2.25 billion in 2011, while booking a $1.9 billion derivative gain on the stake.
Review: Lamborghini Huracán LP 610-4
Say hello to your day-to-day Lamborghini. Yes, it is practical...
Dubai Police add Nissan GT-R to its luxury fleet
The latest evolution of a model launched back in 2007, the...
Emirates Classic Car Festival to reveal 300 vintage vehicles
The festival will feature years that go back almost 100...
Gulf Craft says $22m deals secured at Dubai Int'l Boat Show
Yacht manufacturer sees 'considerable market resilience...
“If you can buy a car, you can afford a yacht” says Gulf Craft CEO
Erwin Bamps revealed some yachts are cheaper than a BMW...
Gulf Craft to add two more shipyards in the UAE
CEO optimistic about yachting business in UAE
DP World plans new marina for luxury yachts at Rashid Port
Tenders for the project will be invited soon, with the first...