TOKYO (Reuters) -Mercedez-Benz's Pension Trust will sell around $346 million worth of shares it holds in beleaguered Japanese automaker Nissan Motor, a term sheet showed. The shares will be offered at
Mercedes-Benz Pension Trust to Divest 3.8% Stake in Nissan Motor
TOKYO/BERLIN (Reuters) -The pension trust of Mercedes-Benz will sell off its roughly $346 million shareholding, a 3.8% stake, in Nissan Motor, a spokesperson for the German carmaker said on Monday, adding to pressure on the Japanese automaker's share price.
Japan's third-largest automaker has been hit by U.S. tariffs, restructuring and lower sales volumes that have contributed to a 24% slide in its share price this year.
The sale indicates investor concern over the prospects for Nissan's turnaround plan that includes shutting production at some plants in Japan and overseas to slash costs and restore profitability.
The Mercedes spokesperson said the Nissan stake, which was transferred to the pension assets in 2016, is not of strategic importance and described the sale of the carmaker's remaining 3.8% stake as cleaning out its portfolio.
Nissan did not immediately respond to a request for comment.
Nissan sold its 1.5% stake in Mercedes, at the time Daimler AG, in early 2021 to help it overcome financial difficulties.
The Nissan shares will be offered at prices ranging between 337.5 and 345 yen per share, which would comprise a discount of between 4.96% and 7.02% compared to the last closing price of 363 yen per share on Monday, the term sheet showed.
The pricing of the sale is set for before the Tokyo Stock Exchange opens on Tuesday and settlement is expected to be on Thursday.
(Reporting by Anton Bridge, Scott Murdoch and Miranda Murray.Editing by Bernadette Baum, Louise Heavens and Susan Fenton)
