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Daimler Looking to Sell Part of Retail Network - Report

Daimler AG is considering selling parts of its German retail network in an effort to cut costs, a German automotive publication said Sunday.A private equity fund is considering a bid for significant parts of the retail network, the report from Automobilwoche said. Media reports have also mentioned U.S. based Penske Automotive Group as a possible buyer. The German automaker plans to combine some sites and close other locations, but it is not considering selling the entire network, the report said.The company's retail operation pulled in only 10 billion euros ($12.9 billion) in sales in 2012, according to the publication, resulting in a loss of EUR45 million.A Daimler spokeswoman told Dow Jones Newswires that the company is focused on profitability, and added that the company routinely reviews its distribution channels to maintain efficiency and handle changing market conditions.Full story: www.automobilwoche.deWrite to the Frankfurt Bureau at djnews.frankfurt@dowjones.comSubscribe to WS...

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