Shareholders in staffing agency Recruit sell $3.6 bln worth of stock

TOPPAN Holdings

02/12/2020 09:19

TOKYO, Dec 2 (Reuters) - Staffing agency Recruit Holdings Co
Ltd  6098.T  said on Wednesday its shareholders sold 374 billion
yen ($3.6 billion) worth of shares as they unwind
cross-shareholdings. 
    The shares were priced at 3,947 yen per share, a 3% discount
from Wednesday's close, Recruit said. 
    Recruit on Monday said its shareholders, which include
Dentsu Group Inc  4324.T , Toppan Printing Co  7911.T  and
Japanese television networks, would sell as many as 94.7 million
shares in the company, or 5.59% of its outstanding shares to
overseas investors.  urn:newsml:reuters.com:*:nL1N2IG0C9
    Japanese companies tend to hold stakes in each other, aiming
to fend off potential bidders, but this practice has come in for
criticism since the government has begun a drive to improve
corporate governance.
    Recruit's shares have fallen 10% since Nov. 27, one business
day before the announcement. Recruit closed at 4,070 yen on
Wednesday.

($1 = 104.5700 yen)

 (Reporting by Junko Fujita. Editing by Jane Merriman)
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