TOKYO: Japan's two biggest banks will start divesting their strategic shareholdings in Toyota Motor - worth a combined US$8.5 billion - and will seek to sell into the automaker's planned share buybacks, Bloomberg News reported on Friday (Jun 7), citing sources.
TOKYO: Japan 's two biggest banks will start divesting their strategic shareholdings in Toyota Motor - worth a combined US$8.5 billion - and will seek to sell into the automaker's planned share buybacks, Bloomberg News reported on Friday , citing sources.
The unwinding of shareholdings by the banks in Toyota, one of Japan's most prestigious companies, would underscore how corporate governance reforms are increasingly taking root amid pressure from the government and the Tokyo Stock Exchange. The country's governance code now requires companies to annually assess whether the purpose of a cross-shareholding is appropriate.Toyota did not immediately respond to a request for comment.
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