Toyota Buying Back $5.2 Billion in Shares From Banks, Insurers
- Megabanks, insurers looking to sell their stakes in carmaker
- Deal could presage greater unwinding of cross-held shares
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Toyota Motor Corp. will buy back ¥806.8 billion ($5.2 billion) worth of its stock from major Japanese banks and insurers as part of a broader push to unwind strategic shareholdings with financial partners.
Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., Tokio Marine Holdings Inc. and MS&AD Insurance Group Holdings Inc. are tendering their shares at ¥2,781 apiece, an 11% discount to their closing price on Tuesday, Toyota said in a statement.