Fujitsu says its biggest shareholder to unload its stake

Fuji Electric Co

07/02/2017 06:55

TOKYO, Feb 7 (Reuters) - Japan's Fujitsu Ltd  6702.T  said 
on Tuesday its biggest shareholder would sell most of its stake 
in the electronics conglomerate, part of a plan by the two firms 
to unwind their cross-shareholdings. 
    Fuji Electric Co  6504.T  plans to unload 168.9 million 
shares. Fujitsu said it wants the stock to be sold to overseas 
investors. 
    Fujitsu also said it plans to buy back up to 39 million 
shares from Fuji Electric for as much as 25 billion yen  ($225 
million). 
    The terms of the share sale have not been decided. 
    Based on Fujitsu's closing price on Tuesday, the sale would 
be worth about 114 billion yen ($1 billion).  
($1 = 111.8600 yen) 
 
 (Reporting by Taiga Uranaka and Chris Gallagher; Editing by 
Edwina Gibbs) 
 ((chris.gallagher@thomsonreuters.com; https://twitter.com/ChrisGallagher4; 
 81-3-6441-1842; Reuters Messaging: 
chris.gallagher.thomsonreuters.com@reuters.net)) 
 
Keywords: FUJITSU EQUITY/