Japan Insurers Plan to Sell $3.1 Billion Honda Shares, Reuters Reports
- Tokio Marine and Sompo are among sellers, report says
- Japanese firms under pressure to unwind cross shareholdings
The Honda Motor Co. headquarters in Tokyo.
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Japan’s four top property and casualty insurers, along with other financial firms, are planning to sell around ¥500 billion ($3.1 billion) worth of shares in Honda Motor Co., Reuters reported.
Tokio Marine Holdings Inc., Sompo Holdings Inc. and two units of MS&AD Insurance Group Holdings Inc. will offload shares, the report said Tuesday. Other unidentified financial institutions are also set to pare back their Honda stakes, it said, adding that Honda is set to give the insurers approval to sell its shares. A Honda spokesperson said nothing was decided and declined to comment further.