TM - Insurers To Sell $3.1B In Honda Shares In Wake Of Governance Push: Report | Benzinga
Four major Japanese property and casualty insurers are reportedly preparing to sell approximately 500 billion yen ($3.1 billion) worth of shares in Honda Motor Co. Ltd. (NYSE:HMC), signaling an accelerated trend of unwinding cross-shareholding practices.
Tokio Marine Holdings, Sompo Holdings, and two units of MS&AD Insurance Group Holdings will collectively sell their stakes in Honda, reported Reuters.
Additional financial institutions are also expected to reduce their Honda holdings, bringing the total sale to around 500 billion yen, the report added.
Honda is poised to formally authorize the insurers to proceed with the sale. The automaker has already committed to repurchasing up to 300 billion yen of its shares within the current fiscal ...