Principles of Corporate Finance_ 12th Edition

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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
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