Japan insurers, banks to sell Honda cross-shareholdings worth $3.3 bln, filing shows
04/07/2024 07:02
TOKYO, July 4 (Reuters) - Japanese financial
institutions including top insurers Tokio Marine 8766.T , Sompo
8630.T and two MS&AD 8725.T units will sell Honda Motor
7267.T shares worth 535 billion yen ($3.3 billion) to unwind
cross-shareholdings, a regulatory filing showed on Thursday.
The sale of the carmaker's shares, in which megabanks
Mitsubishi UFJ 8306.T and Mizuho 8411.T will also
participate, is the latest sign of accelerating
cross-shareholding reduction as part of Japan's corporate
governance reform.
The secondary share offering would total up to 300 million
shares including over-allotment, with the price yet to be
decided. Honda's shares ended at 1,791 yen on Thursday, valuing
the offering at about 535 billion yen.
The four non-life insurers, which include MS&AD subsidiaries
Mitsui Sumitomo Insurance and Aioi Nissay Dowa, have previously
said they would cut their entire cross-shareholdings to zero in
a few years, in response to a price-fixing scandal last year.
Reuters reported the insurers' plans earlier this week.
($1 = 161.4100 yen)
(Reporting by Kantaro Komiya
Editing by Chang-Ran Kim)
((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))