(Bloomberg) -- The Kuwait Investment Authority launched a sale of about 20 million shares in Mercedes-Benz Group AG โ roughly a quarter of its stake โ 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 โฌ69.27, the stake for sale would be worth almost โฌ1.4 billion ($1.5 billion). Mercedes closed up 0.6% at โฌ71.89 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.
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