By David Sachs

Mercedes-Benz Group AG said Wednesday that the Kuwait Investment Authority has reduced its stake in the company by selling about 20 million shares.

The sovereign wealth fund will still own about 53 million shares of the German car company upon completion of the placement, Mercedes said.

"The KIA is committed to continuing the successful partnership with Mercedes-Benz and will remain a key shareholder," Mercedes said.

Mercedes said KIA aims to diversify its direct public equities portfolio with the sale.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

March 29, 2023 04:44 ET (08:44 GMT)

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