Kuwait wealth fund sells €1.4bil of Mercedes shares FMTNews FMTBusiness
LONDON: 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.
Mercedes shares closed up 0.6% at €71.89 on Tuesday in Frankfurt and have been trading near an all-time high. The KIA had informed the company of its decision and it plans to remain a key shareholder in the automaker, the German company said in a separate statement.
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