Kuwait Sovereign Wealth Fund Reduces Stake in Mercedes-Benz
March 29 2023 - 3:59AM
Dow Jones News
By David Sachs
Mercedes-Benz Group AG said Wednesday that the Kuwait Investment
Authority has reduced its stake in the company by selling about 20
million shares.
The sovereign wealth fund will still own about 53 million shares
of the German car company upon completion of the placement,
Mercedes said.
"The KIA is committed to continuing the successful partnership
with Mercedes-Benz and will remain a key shareholder," Mercedes
said.
Mercedes said KIA aims to diversify its direct public equities
portfolio with the sale.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
March 29, 2023 04:44 ET (08:44 GMT)
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