The pension trust of Mercedes-Benz has divested its entire 3.8% holding in Nissan Motor, raising ¥47.83 billion ($324.65 million) through an accelerated book-building that priced the shares at ¥341.30 each, a 5.98% discount to Monday’s close. Demand outstripped supply by more than ten times, with roughly 70% of the allocation going to the top ten investors, according to people familiar with the transaction. Citigroup and Morgan Stanley acted as joint bookrunners. Mercedes-Benz said the Nissan stake, which was moved into its pension portfolio in 2016, is no longer strategically important and the sale reflects routine portfolio housekeeping. Following the announcement, Nissan’s Tokyo-listed shares fell as much as 6.7% and were down about 6% in afternoon trading on 26 August, on track for their worst session in more than a month. The disposal adds fresh pressure on the Japanese automaker, whose shares have dropped about 29% this year as new Chief Executive Ivan Espinosa pursues a turnaround programme that includes plant closures, capacity reductions and job cuts. Investors remain wary of Nissan’s ability to restore growth amid weaker U.S. and Chinese demand and heightened competition in electric vehicles.