FRANKFURT (Reuters) -- Daimler AG is looking for a Chinese investor that could take a 5 to 10 percent stake in the luxury carmaker, Germany's Manager magazine reported in an excerpt of an article to be published on Friday, citing company sources.
The magazine said Daimler CFO Bodo Uebber had hired an investment bank to arrange a potential deal.
China Investment Corp., the country's sovereign wealth fund, is considered the front runner, the magazine reported.
Daimler declined to comment on the report. CIC was not immediately available for comment.
Daimler Chief Executive Dieter Zetsche in July said he would welcome additional investors from China, but added he did not think the Chinese would try to take control.
China, the world's largest auto market, has become a key source of volume and profit growth for Daimler and other automakers. Daimler's Mercedes-Benz unit is counting on sales growth in China to help recapture the global luxury sales crown from BMW.
In China, Volkswagen AG's Audi brand is the top-selling luxury automaker, followed by BMW and Mercedes-Benz.