Toyota Motor Corp (TYO:7203) is preparing a sweeping unwind of strategic shareholdings that could total about 3 trillion yen ($19 billion), a potential landmark in Japan’s corporate-governance overhaul, Reuters reported Thursday, citing people familiar with the matter.
Toyota plans to facilitate sales by banks and insurers that hold its shares, with the process potentially beginning as early as this year, according to the report.
The final size and timing remain fluid and could depend on investor appetite, with the plan also subject to revision or cancellation, the report said.
The company is considering buying back stock to absorb part of the divestment, while a secondary sale to other investors is also under review, Reuters said.
Major shareholders include Sumitomo Mitsui Financial Group Inc (NYSE:SMFG), Mitsubishi UFJ Financial Group Inc (TYO:8306), and MS&A
