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
Source: worldautoforum.com
I Bought a 2016 Toyota Highlander with 129K, and the Prior Owner Must Have Been a Toyota Dealer’s Nightmare, Or Maybe I’m Dreaming?
Follow us today... Is this the perfect used car, or just a dream? Robert found a 2016 Toyota Highlander with a flawless 129k-mile service history. Now he's ready to make some upgrades. What would you do? Robert Doren II on the Toyota Highlander Owners Club Facebook page says, "I just bought … [Read More...]
Tesla Cybertruck Owner Says, “It’s a Futuristic Chrome-Plated Dumpster Designed On an Apple II By a Stoned Elon Musk, But Requires Less Maintenance Than a Goldfish”
Follow us today... A Tesla Cybertruck owner knows it's a "futuristic chrome-plated dumpster," but he doesn't care. He says it goes from 0 to 60 in 2.5 seconds and has "less maintenance than a goldfish." Find out why this rolling trapezoidal toaster is an unbeatable daily driver. Do you think this … [Read More...]
2020 Honda CR-V Owner Says, “The Dealer Is Threatening Me With a $175 Inspection Fee For An AC Leak That Is Caused By a Recall Issue”
Follow us today... Should a Honda dealer charge a CR-V owner to diagnose a problem that a recall might cover? Here's a story that affects all Honda owners. This report is based on a post from Kent Hankesh on the Honda CR-V Community Facebook page: He says, "I have a 2020 Honda CR-V EX. Can a … [Read More...]
Old Dominion Connects Country Music and Cars
Talking music and cars with Grammy-nominated Old Dominion. Source: caranddriver.com … [Read More...]
Tested: 2002 Maserati Spyder Cambiocorsa, the Brand's Comeback Car
From the archive: An Italian feast for the automotive senses. Source: caranddriver.com … [Read More...]
View Photos of the 2002 Maserati Spyder Cambiocorsa
See the interior and exterior of the 2002 Maserati Spyder Cambiocorsa from every angle. Source: caranddriver.com … [Read More...]
1981 Toyota 4×4 Pickup on Bring a Trailer Sports Awesome '80s Graphics
Transmission: manual. Windows: manual. Front locking hubs: manual. This truck is Clint Eastwood, the Toyota. Source: caranddriver.com … [Read More...]
Tesla Buyer Says, “I Was Supposed To Take Delivery of This Model 3 and the Dealer Said It Got Sent Back, I Think They Lied To Me and Sold It To Someone Else"
Follow us today... When Vanessa went to buy her dream Tesla, the dealership swapped her clean car for an accident-damaged one—is this a hidden disaster or a deal worth the risk? Vanessa Von Graff on the Tesla Model 3 and Model Y Owners Club Facebook page says, "I'm supposed to pay for this car tomorrow. After … [Read More...]
This Ex-IndyCar Driver Wants to Completely Rethink Motorsports
J.R. Hildebrand has envisioned a more dynamic, more exciting way to go racing by going back to the basics and ditching downforce. Source: caranddriver.com … [Read More...]
Maserati MCPura launched in India at ?4.12 cr: Italian V6 pushes over 630 bhp
Share via: The Maserati MCPura has been launched in India at ₹4.12 crore (ex-showroom). Offered in coupe and Cielo convertible variants, the supercar gets the 3.0-litre twin-turbo V6 engine with 630 bhp. ...Read More <div class="imgWrapper" data-item-event="image_clicked" data-ga-widget="Image Interactions" … [Read More...]