Overview
- The pension fund sold its entire 3.8% stake, roughly 140 million shares, with the placement priced at ¥341.3 per share within a ¥337.5–¥345 range.
- Nissan stock fell as much as about 6–7% in Tokyo and closed down 6.25% at ¥340.3 on the day the sale was disclosed.
- Order books were oversubscribed, and the top ten buyers were allocated about 70% of the shares, with settlement scheduled for August 28.
- Mercedes-Benz said the holding was not strategically important and described the move as a portfolio clean-up, with reports indicating current joint projects remain unaffected.
- Nissan is pressing ahead with its Re:Nissan turnaround after a ~$535 million June-quarter loss, targeting up to 20,000 job cuts, a 1 million-unit capacity reduction and multiple plant closures by 2027.