Kuwait wealth fund selling $1.5 billion in Mercedes shares

Date:

[ad_1]

The Kuwait Investment Authority launched a sale of about 20 million shares 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 completing the share placement, which is part of an effort to diversify its portfolio, according to a statement. At the guided price of €69.27, the stake for sale would be worth about €1.4 billion ($1.5 billion).

Mercedes shares closed up 0.6% at €71.89 on Tuesday in Frankfurt and have been trading near an all-time high. Chief Executive Officer Ola Källenius has focused the automaker on more profitable segments and pared back its offerings of entry-level models, leading to a 43% surge in the average price of a Mercedes since 2019. He also split the luxury-car company from its commercial vehicle operation, spinning off Daimler Truck Holding AG in late 2021.

Kuwait currently owns 6.8% of Mercedes, making it the third-biggest holder, according to data compiled by Bloomberg. The KIA — the world’s oldest and one of the largest wealth funds — has been a Mercedes shareholder for almost 50 years.

 

[ad_2]

Source link

See also  Lamborghini Revuelto, riveting or revolting? The choice is yours with its online configurator

Popular Posts

More like this
Related

Boost Your Investment Portfolio with DSCR Rental Loans: Here’s How

In the competitive world of real estate investing, finding...

Is a Business Owners Policy Right for Your Business? Here’s What You Need to Know

Running a business comes with a host of responsibilities,...

How to Choose the Best Websites for Your Guest Posting Campaign

One of the main challenges of guest posting is...

How many days do you need to perform Umrah?

If you are performing Umrah for the first time...
https://blog-dosen.umkendari.ac.id/upload/blogs/trik-curang-di-permainan-mahjong-ways2-langsung-dari-mantan-admin.htmlhttps://blog-dosen.umkendari.ac.id/upload/blogs/seorang-marselino-berhasil-menang-ratusan-juta-di-game-mahjong-wins3-scatter-hitam.htmlhttps://blog-dosen.umkendari.ac.id/upload/blogs/pola-ampuh-menangkan-kakek-zeus-dengan-modal-receh.htmlhttps://blog-dosen.umkendari.ac.id/upload/blogs/trending-pola-jitu-gampang-menang-game-online-mahjong-ways.htmlhttps://blog-dosen.umkendari.ac.id/upload/blogs/strategi-luar-dan-dalam-pecah-di-game-online-starlight-princess.html