"Daimler AG plans to reorganize its Formula One activities," a statement said.
"In this context, Daimler has signed a letter of intent with Austrian investor and motorsport manager Toto Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd."
The statement added that Wolff, a shareholder and previously executive director at rivals Williams, will also become executive director of Mercedes GP.
"Niki Lauda, currently non-executive chairman of MGP, will also acquire a stake in the company. Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz Formula One racing team."
Mercedes have 2008 world champion Lewis Hamilton partnering Germany's Nico Rosberg this season. (Reporting by Alan Baldwin, editing by Mark Meadows)
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