Mercedes-Benz dips after key shareholders cuts stake in German carmaker By Investing.com

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Mercedes-Benz dips after key shareholders cuts stake in German carmaker

Published Mar 29, 2023 06:25AM ET Updated Mar 29, 2023 06:41AM ET

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Mercedes-Benz dips after key shareholders cuts stake in German carmaker

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By Scott Kanowsky

Investing.com -- Shares in Mercedes Benz Group AG (ETR:MBGn) dropped by as much as 2.5% on Wednesday after its third-biggest stakeholder reportedly sold 20 million shares at a discount.

According to media reports, the Kuwait Investment Authority, the sovereign wealth fund of the Gulf state, is placing the shares at a price of €69.27 apiece (€1=$1.0855) - more than 3% below their latest close. KIA will now own less than 5% of Mercedes-Benz, or about 53 million shares, down from its prior level of 6.84%.

The sale, worth about €1.4 billion in the German carmaker, represents just under 2% of the company's total share capital.

In an emailed statement quoted by Reuters, Mercedes-Benz said that the KIA is "committed to continuing the successful partnership with Mercedes-Benz and will remain a key shareholder."

KIA's move comes after Stuttgart-based Mercedes-Benz posted a 28% jump in earnings before interest and taxes last year, as a focus on higher-priced luxury models helped offset weak demand in Europe.

But the business warned that sentiment in the first quarter of 2023 has been hit by the spread of COVID-19 cases in China since the end of strict pandemic-era regulations.

Shares in the business climbed after the release of its yearly results in February, and have gained more than 12% over the past one-year period.

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Comments (1)

HelliumStar .. Mar 29, 2023 5:14PM ET

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It's time to BUY, BUY, BUY!

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