It was stated by a spokesperson for the German carmaker on Monday. This statement has added to pressure on the Japanese automaker s share price, Reuters reported.

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.

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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.