874 Part Ten Mergers, Corporate Control, and Governance
bre44380_ch33_867-886.indd 874 09/30/15 12:12 PM
◗ FIGURE 33.5
(a) Ownership of
Daimler-Benz, 1990.
(b) Ownership of Daimler,
2014.
Sources: (a) J. Franks and C. Mayer,
“The Ownership and Control of German
Corporations,” Review of Financial
Studies 14 (Winter 2001), Figure 1,
p. 949. © 2001 Oxford University Press.
(b) www.Daimler.com.
(a)
Daimler-Benz AG
Kuwait
government
Mercedes
Automobil
Holding AG
Deutsche
Bank
Widely
held
Stern Automobil
Beteiligungs
GmbH
Stella Automobil
Beteiligungs
GmbH
Widely
held
Widely
held
Robert Bosch
GmbH
Komet Automobil
Beteiligungs
GmbH
Bayerische
Landesbank
Dresdner
Bank
28.3% 14% 25.23%
25%
25% 25% 25% 25%
50%
about 300,000
shareholders
25%
32.37%
(b)
DAIMLER AG
3.1% 6.8% 90.1%
Kuwait
government
Kuwait
Investment
Authority
(Kuwait)
Renault/Nissan Widely
held
Majority-
owned