Transportation
Denso Launches $2.9 Billion Share Buyback in Toyota Group Unwind
- Denso fluctuates after $2.9 billion share buyback announcement
- Toyota Industries to sell Denso shares amid government push
This article is for subscribers only.
Denso Corp. announced plans to buy back its own stock, marking a milestone in the Toyota Motor Corp. group’s push to unwind its intricate web of cross-held shares.
Denso, a major supplier to Toyota and a number of Japanese carmakers, announced Thursday it plans to buy back up to ¥450 billion ($2.9 billion) worth of its own shares, or as many as 280 million shares. Shortly after that, engine supplier Toyota Industries Corp. said it was going to sell all of its 185 million shares in Denso, which represents a 5.9% stake in the company.