Mitsubishi, Sumitomo Mitsui Banks to Divest $8.5 Billion in Toyota Shareholdings [BNN Bloomberg (Canada)]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: BNN Bloomberg
The banks will sell in stages and take advantage of Toyota's plan to buy back its own shares, said the people, who asked not to be identified because the information isn't public. The world's No. 1 carmaker announced a ¥1 trillion buyback program on May 8, representing about 3% of its stock and significantly larger than its previous repurchases. The unwinding is being crafted to minimize the impact on the company's share price, the people said. Although the government has been pushing corporate Japan to unwind cross shareholdings, forged over decades to cement business relationships, the biggest banks and businesses had been slow to do so. Given its scale and significance, the Toyota deal could trigger a broader wave of looser equity ties in Japan. Representatives for Mitsubishi and Sumitomo Mitsui declined to comment. Toyota representatives didn't respond to a request for comment. The Mitsubishi stake is worth roughly ¥700 billion, while Sumitomo Mitsui holds about ¥620 billio
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