Reported about 1 year ago
Japanese financial groups including Tokio Marine, Sompo, and two MS&AD units are planning to sell Honda Motor shares worth 535 billion yen ($3.3 billion) to unwind cross-shareholdings, as revealed in a regulatory filing. This move signifies the increasing pace of unwinding cross-shareholdings in Japan in support of corporate governance reforms. The secondary share offering will involve 10 financial institutions, with a total of 300 million shares to be offered. The plan to sell shares comes after Honda announced a share buyback program of up to 300 billion yen earlier in the year.
Source: YAHOO