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 AGKuwait
governmentMercedes
Automobil
Holding AGDeutsche
BankWidely
heldStern Automobil
Beteiligungs
GmbHStella Automobil
Beteiligungs
GmbHWidely
heldWidely
heldRobert Bosch
GmbHKomet Automobil
Beteiligungs
GmbHBayerische
LandesbankDresdner
Bank28.3% 14% 25.23%25%25% 25% 25% 25%50%about 300,000
shareholders
25%32.37%(b)DAIMLER AG3.1% 6.8% 90.1%Kuwait
governmentKuwait
Investment
Authority
(Kuwait)Renault/Nissan Widely
heldMajority-
owned