Japanese insurers, banks to unload $3bn in Honda shares

TOKYO — Major Honda Motor shareholders, including Tokio Marine & Nichido Fire Insurance and MUFG Bank, will unload some 500 billion yen ($3.1 billion) of their stakes this month as they work to unwind cross-held shareholdings, the Japanese automaker announced Thursday.

The offering price has not been set. But based on Honda’s closing stock price of 1,791 yen as of Thursday and the amount to be unloaded, the sale will likely total around half a trillion yen. This will represent roughly 6% of Honda’s outstanding shares, excluding treasury stock.

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