Schumacher sets fastest time but Webber takes pole

Veteran Michael Schumacher posted the fastest time in an action-packed qualifying session at the Monaco Grand Prix on Saturday, but a grid penalty means that Mark Webber's Red Bull will start Sunday's race in pole position.

Webber beat Nico Rosberg's time on his final lap, only for the 43-year-old Schumacher to surpass Webber's effort just moments later in a thrilling finale.

But the grid penalty Schumacher incurred at the Spanish Grand Prix means he starts from sixth on the grid on Sunday. The German has yet to earn a pole position since coming out of retirement last season.

Rosberg starts second as he looks for his second victory of the season after winning the Chinese GP.

McLaren's Lewis Hamilton starts third, but teammate Jenson Button failed to make the final qualifying session for the second straight race.