FRANKFURT — Kuwait’s sovereign wealth fund, Mercedes-Benz’s third-largest shareholder, is planning to scale back its stake within the automaker by way of the sale of 20 million shares, based on bookrunners.
At worth steering of 69.27 euros apiece, this might earn 1.385 billion euros ($1.5 billion) for the Kuwait Funding Authority (KIA), which would scale back its stake to lower than 5 % from 6.84 % now.
“The KIA is dedicated to persevering with the profitable partnership with Mercedes-Benz and can stay a key shareholder,” Mercedes stated in e-mailed feedback.