AISIN CORPSHARES FALL 3%
Toyota Motor and two affiliates will divest at least 12.5% of supplier Aisin, the companies said, a $1 billion deal that fueled hopes the automaker could step up sales of its cross-shareholdings. https://t.co/cIBEhg9HZF
Toyota, affiliates to offload some $1 bln in Aisin shares https://t.co/PE4WKRs37L https://t.co/8AJSLe6tpC
Toyota Motor Corporation and two of its affiliates have announced plans to sell 33.9 million shares in Aisin Corporation, a major vehicle parts supplier. The sale, valued at approximately $1.11 billion (177.5 billion yen) based on the latest price, represents at least 12.5% of Aisin's shares. This move, announced on Thursday, is part of a broader trend in Japan where large companies are being encouraged to unwind their cross-shareholdings. Following the announcement, Aisin's shares fell by 3%, the latest sign of momentum in Japan's push to reduce cross-shareholdings.