Banking & Finance Kuwait sovereign fund to offload stake in Mercedes-Benz By Pramod Kumar March 29, 2023 Creative Commons Kuwait Investment Authority is the third-largest shareholder in Mercedes-Benz Kuwait Investment Authority (KIA), a sovereign wealth fund, plans to reduce its stake in the German luxury carmaker Mercedes-Benz by selling 20 million shares. The Kuwaiti fund is the third-largest shareholder in Frankfurt-listed Mercedes-Benz. At price guidance of €69.27 ($18.86) per share, KIA may raise €1.385 billion ($1.5 billion), which will reduce its stake to less than five percent from the current 6.84 percent, Reuters reported. “The KIA is committed to continuing the successful partnership with Mercedes-Benz and will remain a key shareholder,” the German carmaker said in e-mailed comments. In September 2022, Bloomberg reported that KIA was planning to move the management of a $7 billion fund from London back to its home country. The wealth fund will oversee the satellite fund from its Kuwaiti headquarters instead of the London-based Kuwait Investment Office. However, the fund will remain housed in the UK.