Kuwait wealth fund selling $1.5 billion in Mercedes shares
Mar 29th 2023 at 6:30AMGroup 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 .shares closed up 0.6% at €71.89 on Tuesday in Frankfurt and have been trading near an all-time high.
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