UPDATE 1-Abu Dhabi to exit Daimler - report

Thu Apr 19, 2012 10:43am GMT

* State fund Aabar discussing exit options - magazine

* Aabar also wants out of Mercedes F1 stake - magazine

* Daimler, Aabar not available for comment

* Daimler shares down 0.9 percent

FRANKFURT, April 19 (Reuters) - Abu Dhabi is to exit its investment in German carmaker Daimler as the oil-rich state curbs overseas investment deals among its funds, a German magazine reported on Thursday.

The Gulf state's investment fund Aabar is currently discussing ways of disposing of its remaining stake after having cut its direct holding to 3 percent from 9 percent, manager magazin reported, citing company sources.

The report also said Aabar wanted to exit its 40 percent stake in Daimler's Mercedes Formula 1 team.

Daimler and Aabar were not immediately available for comment.

Abu Dhabi, which accounts for more than half of the UAE's economy, is reviewing its overseas investment portfolio as part of measures to instil more discipline in dealmaking among its investment firms.   Continued...

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