Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group are considering selling 1.32 trillion yen ($8.5 billion) worth of strategic shareholdings in Toyota Motor, Bloomberg News reported on Friday, citing sources.
The sale would come amid a wave of stock buybacks, unwinding of cross-shareholdings, and management buyouts in Japan as the Tokyo Stock Exchange adds to pressure on firms to improve their corporate governance and use of capital.
Toyota said last month it planned to buy back up to 410 million shares worth 1 trillion yen by the end of April 2025.
The two Japanese megabanks will seek to sell into Toyota’s share buybacks, Bloomberg said, citing people with knowledge of the matter.
Reuters