Toyota eyes $19-bn share sale by FIs

TOYOTA PLANS A large-scale unwinding of strategic shareholdings that would involve banks and insurance firms selling around $19 billion in shares, two sources said, which could be a turning point in Japan’s efforts at corporate governance reform.

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Although the sale will likely total around 3 trillion yen ($19 billion), it could be larger depending on the willingness of shareholders to sell, the sources said.

Toyota, the world’s largest automaker, aims for the sale to happen as early as this year, although the timing and scale could change depending on shareholders—or the plan could be abandoned, one of the sources said.

Reuters is reporting Toyota’s preparations for the first time. Toyota declined to comment. The sources declined to be identified because the information is not public.