Daimler AG, which sold off most of its Chrysler division earlier this year, has spent US$5.1 billion to buy back more than 49.9 million shares, according to the automaker.

The Stuttgart-based maker of Mercedes-Benz said the 3.48 billion-euro buyback, approved by shareholders in April, represented 4.73 per cent of the outstanding shares at the start of the buyback program.

The company said it paid an average price of 69.66 euros ($102.52) per share.

By the end of September, 13.2 million shares had been redeemed. The remaining 36.7 million shares will be redeemed by the end of the year.

Shares of Daimler closed down less than one per cent to 69.88 euros ($102.84) in Frankfurt. Daimler's U.S.-traded shares were down $3.53 to close at $99.88 in New York trading.

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