FRANKFURT — Kuwait’s sovereign wealth fund, Mercedes-Benz’s third-largest shareholder, is planning to reduce its stake in the automaker via the sale of 20 million shares, according to bookrunners.
At price guidance of 69.27 euros apiece, this could earn 1.385 billion euros ($1.5 billion) for the Kuwait Investment Authority (KIA), which would reduce its stake to less than 5 percent from 6.84 percent now.
“The KIA is committed to continuing the successful partnership with Mercedes-Benz and will remain a key shareholder,” Mercedes said in e-mailed comments.
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