Mercedes-Benz pension trust sells US$346 million Nissan stake, raising pressure on automaker's turnaround
Nissan shares tumbled as much as 6.8 percent in Tokyo on Tuesday, their sharpest drop since April, after news that Mercedes-Benz’s pension trust would sell its entire stake in the automaker.
Bloomberg reported that the trust will divest about 140m shares, representing a 3.8 percent holding, and fully exit its position in Nissan.
The term sheet noted the sale will not affect ongoing collaboration between the two carmakers.
According to Reuters, the shares will be offered between 337.5 and 345 yen, a discount of 4.96 to 7.02 percent from Monday’s closing price of 363 yen. Pricing is scheduled before markets open Tuesday, with settlement expected on Thursday.
Bloomberg added that the placement is expected to settle on August 28.
A Mercedes spokesperson told Reuters the Nissan shares, transferred to pension assets in 2016, are not of strategic importance and described the sale as cleaning out the portfolio.
The stake is valued at roughly US$346m.
Nissan has been hit this year by US tariffs, weaker sales volumes, and ongoing restructuring, leading to a 24 percent slide in its share price.
Chief Executive Officer Ivan Espinosa said in May the company will cut 20,000 jobs and reduce global manufacturing to 10 factories from 17 in an effort to restore profitability.
Nissan previously sold its 1.5 percent stake in Mercedes, then Daimler AG, in 2021 to help address financial difficulties.
The Japanese automaker did not immediately respond to a request for comment, Reuters said.
