Posted March 03, 2018 05:23:37Mercedes-Benz has confirmed it is merging with a Swiss financial group called Truist Financial Group, with a possible value of $20 billion.
The transaction is expected to close within the next three months, the company said in a statement to CNBC.
The deal is one of the largest in financial history, with Mercedes-Benz making it the world’s biggest automaker with sales of around $3.3 trillion in 2019.
The merger will result in Truist owning shares in Mercedes-Daimler, one of its biggest shareholders, while Mercedes-Chrysler will retain its stake in Mercedes Benz.
Truist will operate as an independent entity under Truist and will remain a subsidiary of Truist, the German automaker said.
Mercedes Benz chief executive Dieter Zetsche, left, listens during a press conference on Wednesday at the company headquarters in Berlin, Germany.
Merck, one the biggest investors in Trust, has a large stake in Truesebank, a Swiss bank with a total of around €500 billion.
Mercury and GM are also expected to announce similar deals this year.