Kuwait Investment Authority Lowers its Stake in Mercedes-Benz Group
Posted on 03/29/2023
The Kuwait Investment Authority (KIA) is planning to reduce its stake in Mercedes-Benz Group AG. The Kuwaiti sovereign wealth fund is the third largest shareholder in the automaker. The KIA will own around 53 million shares after the share placement of about 20 million shares, which is part of an effort to diversify its portfolio, according to a statement. The shares are worth about €1.4 billion.
In February 2023, the carmaker warned of lower earnings for 2023 amid economic uncertainty, and said it would look to sell more vehicles directly in major markets such as Britain and Germany.
