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Daimler takes control of Mercedes F1 team

Published on Nov 20, 2012 6:14 AM
 
Mercedes Formula One driver Michael Schumacher of Germany drives during the US F1 Grand Prix at the Circuit of the Americas in Austin, Texas on Nov 18, 2012. Daimler confirmed on Monday that it had taken full control of the  team after buying up a 40 per cent share from the Abu Dhabi-based fund Aabar, AFP's subsidiary SID reported. -- PHOTO: REUTERS

BERLIN (AFP) - German auto giant Daimler confirmed on Monday that it had taken full control of the Mercedes Formula One team after buying up a 40 per cent share from the Abu Dhabi-based fund Aabar, AFP's subsidiary SID reported.

Aabar joined forces with Daimler in 2009 but had since decided to stop funding the Mercedes team.

Seven-time world champion Michael Schumacher, who will race in his final Grand Prix before retiring on Sunday, will be replaced at Mercedes next year by Briton Lewis Hamilton, who signed from McLaren.

Hamilton will race for the German team alongside Nico Rosberg.