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Kuwaiti Wealth Fund To Sell About 20 Million Mercedes Shares

Kuwait currently owns 6.8% of Mercedes, according to Bloomberg data, making it the third-biggest holder. The KIA said it’s been a shareholder in the carmaker for almost 50 years.

Craig Trudell
The Daimler AG Mercedes-Benz logo is seen on the grille of the Concept EQA electric vehicle during the 2018 North American International Auto Show (NAIAS) in Detroit, Michigan, U.S., on Tuesday, Jan. 16, 2018. After auto executives spent years trying to convince the world they can beat Silicon Valley to electric cars and autonomous driving, they are finally getting a chance to crow once again about what they do best: trucks. Each of the hometown brands will pull the cover off of a new flatbed, while at least three of the luxury brands roll out new SUVs. Photographer: Andrew Harrer/Bloomberg

(Bloomberg) -- The Kuwait Investment Authority launched a sale of about 20 million shares in Mercedes-Benz Group AG — roughly a quarter of its stake — as the sovereign wealth fund diversifies its portfolio.

The KIA will own about 53 million shares after completing the placement, according to a statement. At the guided price of €69.27, the stake for sale would be worth almost €1.4 billion ($1.5 billion). Mercedes closed up 0.6% at €71.89 on Tuesday in Frankfurt trading.

Kuwait currently owns 6.8% of Mercedes, according to Bloomberg data, making it the third-biggest holder. The KIA said it’s been a shareholder in the carmaker for almost 50 years.

More stories like this are available on bloomberg.com

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