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The Mercedes AMG Petronas Formula One team is now under the full control of Daimler, after the company bought out a remaining stake in the motorsport group.

Industry journal Automotive News reports Daimler bought the 40 per cent stake in the Mercedes-Benz Formula 1 team from Abu Dhabi sovereign wealth fund Aabar Investments PJSC for an as yet undisclosed amount.

Mercedes AMG Petronas - 2

According to the report, Aabar Investments’ move to sell its F1 stake follows a decision last month to sell its remaining voting stake in Daimler.

In a statement from Aabar’s Abu Dhabi-owned parent group International Petroleum Investment Co., the fund’s sale of its stake is conditional upon approval from German and Italian antitrust authorities.

Mercedes AMG Petronas - 3

Aabar acquired its 40 per cent stake in Mercedes AMG Petronas in 2009, as part of purchasing a nine per cent stake in Mercedes-Benz.

The Mercedes F1 team has had a difficult few years despite having seven-time Formula One world champion Michael Schumacher – retiring at the conclusion of this season – on board since the team re-entered the sport in 2010.

Mercedes AMG Petronas - Michael Schumacher

For the 2013 season, Mercedes AMG Petronas will have 2008 Formula One world champion Lewis Hamilton and existing driver Nico Rosberg as its wheelmen.