Abu Dhabi is to exit its investment in German carmaker Daimler
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 magazine 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.
State energy firm TAQA
Aabar became Daimler's largest investor after buying a 9.1 percent holding for 1.95 billion euros ($2.6 billion) in 2009. The German carmaker's share price has since doubled, meaning the stake now has a market value of just over 4 billion euros.
Aabar holds 3.1 percent of Daimler directly, while the rest of its holding comprises shares over which it has a right to redelivery.
Shares in Daimler were down 0.9 percent at 41.69 euros at 1017 GMT, compared with a 0.1 percent gain by the STOXX Europe 600 Automobiles & Parts <.SXAP> index.
(Reporting by Maria Sheahan and Victoria Bryan; Additional reporting by Stanley Carvalho in Abu Dhabi; Editing by Mark Potter)