Honda sets secondary share sale price at 3% discount in $3.16 bln deal (updated)
17/07/2024 08:50
(Adds deal value)
TOKYO, July 17 (Reuters) - Honda Motor 7267.T has
priced shares in a secondary share sale at 1,664.5 yen each, or
a 3% discount to Wednesday's closing price, valuing the deal at
497 billion yen ($3.16 billion), the automaker said.
The amount includes an overallotment triggered depending on
demand.
Those selling - insurers and financial firms including Tokyo
Marine 8766.T , Sompo 8639.T and Mitsubishi UFJ 8306.T -
aim to sell as many as 300 million Honda shares. Reuters first
reported the insurers' plan earlier this month.
Cross-shareholding, or companies holding shares in each
other, was long seen as a way to reinforce business ties in
Japan. Governance experts and foreign investors said the
practice protects management from shareholders.
($1 = 157.1300 yen)
(Reporting by Satoshi Sugiyama; Editing by Chang-Ran Kim and
Chris Cushing)
((Satoshi.Sugiyama@thomsonreuters.com;))