Nissan Motor
shares tumbled on Tuesday after Mercedes-Benz announced plans to offload its 3.8% holding in the Japanese automaker.
Tokyo-listed shares of Nissan declined as much as 6.7% before paring some losses to trade 6% lower.
Mercedes-Benz’s pension trust will divest its stake worth roughly $346 million in Nissan Motor, a company spokesperson reportedly said on Monday.
The spokesperson added that Nissan holdings, which were moved into pension assets in 2016, were not strategically significant while framing the sale of the remaining 3.8% stake as part of a portfolio cleanup. Nissan stake makes up 2.7% of the company’s total holdings, with Diamler Truck constituting nearly 93%.
