Reported 12 months ago
Major Japanese property and casualty insurers, including Tokio Marine Holdings, Sompo Holdings, and units of MS&AD Insurance Group, are planning to offload around 500 billion yen ($3.1 billion) worth of Honda Motor shares as part of the accelerating unwinding of cross-shareholding practices in Japan. Other financial institutions will also be reducing their Honda stakes, with Honda set to approve the sale soon. This move comes as Honda plans to buy back up to 300 billion yen of its shares during the current financial year.
Source: YAHOO