Kuwait Wealth Fund Sells €1.4 Billion of Mercedes Shares
- Mercedes stock has quadrupled since start of the pandemic
- KIA will still own about 53 million shares after placement
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The Kuwait Investment Authority sold shares worth about €1.4 billion in Mercedes-Benz Group AG — roughly a quarter of its stake — after the carmaker’s stock almost quadrupled over the last three years.
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.