DaimlerChrysler buys remaining stake in AMG

FRANKFURT, Jan 9, 2005; Reuters reoported that DaimlerChrysler bought the 49 percent stake it did not own in auto tuning company AMG, German magazine Der Spiegel said on Sunday.

The magazine said without naming sources that DaimlerChrysler had bought the stake from a founder of the firm, Hans Werner Aufrecht, for a "three-digit-million" amount.

No immediate comment on the report was available from DaimlerChrysler.

The report also said that Eckhard Cordes, the head of the Mercedes luxury car unit, had decided not to go ahead with a project to jointly develop a sportscar codenamed P8 with Formula 1 team McLaren.

Cordes was also against any possible takeover of McLaren, in which DaimlerChrysler has a 40 percent stake, the magazine reported.