Japan’s 4 high property and casualty insurers, together with different monetary corporations, are planning to promote round ¥500 billion ($3.1 billion) value of shares in Honda Motor Co., Reuters reported.
Tokio Marine Holdings Inc., Sompo Holdings Inc. and two items of MS&AD Insurance coverage Group Holdings Inc. will offload shares, the report mentioned Tuesday. Different unidentified monetary establishments are additionally set to pare again their Honda stakes, it mentioned, including that Honda is about to provide the insurers approval to promote its shares. A Honda spokesperson mentioned nothing was determined and declined to remark additional.
The report comes as Japanese firms have been underneath strain by the federal government and traders to scale back or remove their cross shareholdings, with newest instance being Toyota Motor Corp. planning to promote as much as 7.93 million shares in Aisin Corp.
Tokio Marine and MS&AD declined to touch upon the report, whereas Sompo officers weren’t instantly out there for remark.
{Photograph}: A pedestrian with an umbrella exterior the Honda Motor Co. headquarters in Tokyo, Japan, on Wednesday, April 26, 2023. Photograph credit score: Kiyoshi Ota/Bloomberg
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