Toyota Motor plans to buy back 807 billion yen ($5.16 billion) of shares held by Japanese banks and insurers as part of efforts to unwind cross-shareholdings and improve balance-sheet efficiency.<\/p>\n
The Japanese automaker said on Tuesday that it will start a tender offer to repurchase shares worth 806.8 billion yen ($5.14 billion) at Y2,781 each, representing a 10% discount to Monday’s closing price.<\/p>\n
The buyback comes amid a governance push by the Tokyo Stock Exchange that has prompted major companies to unwind cross-shareholdings.<\/p>\n
The practice of companies holding shares in each other has long been seen as a way to reinforce business ties in Japan. But governance experts and foreign investors say it leads to lax governance by protecting management from shareholders.<\/p>\n
Major Banks Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group (SMFG) planned to divest Toyota shares worth a combined $8.5 billion, Bloomberg News reported last month.<\/p>\n
Toyota said in a statement it will offer 2,781 yen per share from July 24 to Aug. 26.<\/p>\n
Separately, SMFG, Tokio Marine Holdings and MS&AD Insurance Group said they would sell back Toyota shares to the automaker.<\/p>\n
A filing earlier this month showed that Japanese financial groups including Tokio Marine, Sompo <8630.T)> and two MS&AD units planned to sell Honda Motor shares worth 535 billion yen.<\/p>\n
($1 = 156.4700 yen)<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Toyota Motor plans to buy back 807 billion yen ($5.16 billion) of shares held by Japanese banks and insurers as part of efforts to unwind cross-shareholdings and improve balance-sheet efficiency. The Japanese automaker said on Tuesday that it will start a tender offer to repurchase shares worth 806.8 billion yen ($5.14 billion) at Y2,781 each, […]<\/p>\n","protected":false},"author":27,"featured_media":40105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,249],"tags":[],"class_list":["post-40103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=40103"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40103\/revisions"}],"predecessor-version":[{"id":40106,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40103\/revisions\/40106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/40105"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=40103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=40103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=40103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}