Nov. 11 (Bloomberg) -- Germany's DAX Index rose for a third day, paced by DaimlerChrysler AG, after the carmaker sold its stake in Mitsubishi Motors Corp. E.ON AG and Bayer AG advanced.

The nation's benchmark index climbed 1.3 percent to 5080 at 12:07 p.m. in Frankfurt, and extending a gain for the week to 1.7 percent. All but 4 of the measure's 30 stocks gained.

DaimlerChrysler, the world's No. 5 carmaker, gained 1.8 percent to 42.72 euros. DaimlerChrysler said it will book a gain of 500 million euros ($585 million) from the sale of the stake in the Japanese carmaker to Goldman Sachs Group Inc.

MLP AG (MLP GY), a financial-services broker, added 72 cents, or 4.4 percent, to 16.98 euros. MLP said it plans to buy back as much as 10 percent of its stock and will pay a bonus dividend of 30 cents a share as it distributes cash from the sale of insurance units.

Hannover Re (HNR1 GY) dropped 31 cents, or 1.1 percent, to 28.54 euros. Both Merrill Lynch & Co. and BNP Paribas cut their recommendations on shares of the world's fourth-biggest reinsurer to ``neutral'' from ``buy.'' The company cut its profit outlook yesterday.

Separately, Chief Executive Dieter Rampl will head HVB's investment-banking unit, Handelsblatt newspaper reported, citing unidentified people on the company's supervisory board. Retail banking will be led by Johann Berger, a member of the management board responsible for corporate customers and real estate, the business daily said.

This is cache, read story here