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.
The report comes as Japanese companies have been under pressure by the government and investors to reduce or eliminate their cross shareholdings, with latest example being Toyota Motor Corp. planning to sell up to 7.93 million shares in Aisin Corp.
Tokio Marine and MS&AD declined to comment on the report, while Sompo officials were not immediately available for comment.
Photograph: A pedestrian with an umbrella outside the Honda Motor Co. headquarters in Tokyo, Japan, on Wednesday, April 26, 2023. Photo credit: Kiyoshi Ota/Bloomberg
Related:
- Japan’s Insurers Surge on Buybacks, Unwind of Cross-Holdings
- Japan Casualty Insurers’ Shares Sink on Concerns Over Suspected Price Fixing
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