Toyota, affilites to offload some $1 bln in Aisin shares (updated)

Aisin

27/06/2024 09:07

(Writes through)
    By Daniel Leussink
       TOKYO, June 27 (Reuters) - Toyota Motor  7203.T  and two
affiliates will sell 33.9 million shares in group supplier Aisin
 7259.T , the companies said on Thursday, a deal worth 177.5
billion yen ($1.11 billion) as of the latest stock price. 
    The other sellers are Denso  6902.T  and Toyota Industries
 6201.T , Aisin said, adding the sale price has yet to be
determined.
    Toyota, the world's top-selling automaker, said in a
separate statement it will reduce its stake in Aisin to 20% from
24.8% of issued shares by selling about 13 million shares.
    The latest sale follows a similar move in November when
Toyota, Aisin and Toyota Industries decided to sell shares in
Denso, an action that sparked investor hopes the automaker would
shed more of its cross-shareholdings.
    Toyota has been looking to cash in on stakes in affiliates
as it steps up development and production of battery-powered
vehicles. It intends to review its capital ties with other group
companies on a one-by-one basis, it said in its statement.
    As part of the sale, Denso and Toyota Industries will sell
just under 13 million shares each through a secondary offering
and Toyota about 7.9 million, Aisin said in a statement. 
    Toyota plans to sell another 5 million shares through the
offering's overallotment.
    Aisin said in separate statements it would buy back some 17
million shares, a move that could help offset the market impact
of the sale, and conduct a 3-1 stock split later this year.
    Japanese companies traditionally took stakes in affiliates
and business partners - a practice known as cross-shareholding -
but have been under pressure to unwind those holdings to improve
their use of capital.
    
($1 = 160.4500 yen)

 (Reporting by Daniel Leussink; Editing by David Dolan and Miral
Fahmy)
 ((daniel.leussink@thomsonreuters.com; Twitter:
@danielleussink;))