Mercedes headquarters in Stuttgart-Untertürkheim: The ownership structure is changing somewhat as a result of the partial withdrawal of the Kuwaiti sovereign wealth fund.
(Photo: dpa)
Stuttgart After decades, the Kuwaiti sovereign wealth fund is turning part of its stake in the carmaker Mercedes-Benz into cash and can expect billions in proceeds. The banks commissioned with the planned overnight placement of 20 million Mercedes shares quoted a price of at least EUR 69.27 per share on Tuesday evening. The proceeds for the Kuwait Investment Authority would thus amount to almost 1.4 billion euros. Mercedes shares had closed in Xetra trading with a small plus at 71.89 euros.
With a good 6.8 percent, Kuwait is the third largest Mercedes shareholder. With the sale, the stake would mathematically fall to less than five percent. The sovereign wealth fund is selling about a quarter of its holdings in Mercedes shares.
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