German car maker Mercedes-Benz has sold its stake in Japanese auto maker Nissan as part of a broader adjustment of its pension asset allocation.
A spokesperson for Mercedes-Benz confirmed to IPE that the transaction involved 140.1 million shares at a price of ¥341.30 (€1.98) per share.
Nissan’s equities have lost their strategic meaning in Mercedes-Benz’s portfolio of pension assets, the spokesperson said, adding that the divestment was aimed at aligning the allocation of its pension investments.
The company declined to comment on how the overall allocation will change.
Mercedes held a 3.8% stake in Nissan, valued at just under €300m. According to Reuters, the securities were offered at a discount of 4.96–7.02% to the closing price on 22 August.
The stake was worth €453m at the end of 2024, down from €526m the previous year, according to the company’s annual report.
The spokesperson also noted that Nissan had sold its 1.5% holding in Daimler – as Mercedes-Benz was previously known – in 2021. Renault exited its own 1.5% Daimler stake that same year. Nissan’s sale raised €1.15bn, while Renault’s disposal brought in €1.14bn.
Nissan has been struggling with weak sales and US tariffs, with its shares down around 25% since the start of the year. Shareholders expressed frustration at the company’s performance at its annual general meeting in June.
Mercedes-Benz had €22.5bn of pension assets on its balance sheet at the end of 2024. Around €8bn was invested in equities – including €1.51bn in Daimler Truck shares and the Nissan holding – €12.5bn in bonds, and €2bn in unlisted assets such as alternatives and cash.
The assets are managed by Mercedes-Benz Pension Trust e.V. to secure pension obligations in Germany. The company has also established a Pensionsfonds as an additional vehicle for pension management.
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