Frankfurt  - Daimler, one of Germany's biggest industrial groups, has accepted a 200,000-euro (270,000-dollar) fine for withholding vital information from financial markets, dropping an appeal, court officials said Wednesday.

German financial markets regulator BaFin had penalized Daimler for failing to tell markets in due time that the car company's unpopular chief executive at the time, Juergen Schrempp, was stepping down.

Those with inside knowledge would have been able to acquire Daimler stock before it soared in response to the July 28, 2005 news.

The Frankfurt district court, which had been ordered to re-try the case after Daimler won an appeal, said Daimler had withdrawn a 2007 protest against the BaFin fine, meaning the case was closed.

A Daimler spokeswoman in Stuttgart said the maker of Mercedes-Benz cars backed off after concluding its legal costs would be far higher than just paying up. (dpa)