Toyota Motor to Buy Back Shares Worth More Than $5 Billion From Japan Banks, Insurers -- Update

Dow Jones07-23

By Kosaku Narioka

Toyota Motor plans to buy back shares worth more than $5 billion held by Japanese banks and insurers.

The Japanese automaker said Tuesday that it would start a tender offer to repurchase shares worth Y806.8 billion ($5.14 billion) at Y2,781 apiece.

Toyota said it planned to buy 290.1 million shares from Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, MS&AD Insurance Group Holdings and Tokio Marine Holdings.

The automaker had said in May that it would buy back up to Y1 trillion of its shares by the end of April 2025, partly to respond to any divestment plans from its stakeholders.

Japanese financial regulators have pressed companies to cut their stakes in other listed local companies to improve corporate governance. Advocates for a reduction in cross-shareholdings say banks and insurers that hold stakes in carmakers, for instance, may not oppose bad management decisions out of fear of losing their lending or insurance businesses.

Earlier this month, Honda Motor said it planned to offer shares worth billions of dollars currently held by Japanese banks and insurers as part of efforts to broaden its shareholder base and improve discipline over management.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 23, 2024 03:42 ET (07:42 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2453701737?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-07-23 15:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2453701737","market":"nz","top_or_hot":-1,"title":"Toyota Motor to Buy Back Shares Worth More Than $5 Billion From Japan Banks, Insurers -- Update","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Kosaku Narioka \n</p>\n<pre>\n \n</pre>\n<p>\n  Toyota Motor plans to buy back shares worth more than $5 billion held by Japanese banks and insurers. \n</p>\n<p>\n  The Japanese automaker said Tuesday that it would start a tender offer to repurchase shares worth Y806.8 billion ($5.14 billion) at Y2,781 apiece. \n</p>\n<p>\n  Toyota said it planned to buy 290.1 million shares from Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, MS&amp;AD Insurance Group Holdings and Tokio Marine Holdings. \n</p>\n<p>\n  The automaker had said in May that it would buy back up to Y1 trillion of its shares by the end of April 2025, partly to respond to any divestment plans from its stakeholders. \n</p>\n<p>\n  Japanese financial regulators have pressed companies to cut their stakes in other listed local companies to improve corporate governance. Advocates for a reduction in cross-shareholdings say banks and insurers that hold stakes in carmakers, for instance, may not oppose bad management decisions out of fear of losing their lending or insurance businesses. \n</p>\n<p>\n  Earlier this month, Honda Motor said it planned to offer shares worth billions of dollars currently held by Japanese banks and insurers as part of efforts to broaden its shareholder base and improve discipline over management. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Kosaku Narioka at kosaku.narioka@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 23, 2024 03:42 ET (07:42 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toyota Motor to Buy Back Shares Worth More Than $5 Billion From Japan Banks, Insurers -- Update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToyota Motor to Buy Back Shares Worth More Than $5 Billion From Japan Banks, Insurers -- Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-23 15:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Kosaku Narioka \n\n\n \n\n\n  Toyota Motor plans to buy back shares worth more than $5 billion held by Japanese banks and insurers. \n\n\n  The Japanese automaker said Tuesday that it would start a tender ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SMFG","symbol_name":"三井住友金融","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2453701737","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2453701737","pubTimestamp":1721720520,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Toyota Motor plans to buy back shares worth more than $5 billion held by Japanese banks and insurers.The Japanese automaker said Tuesday that it would start a tender offer to repurchase shares worth Y806.8 billion  at Y2,781 apiece.Toyota said it planned to buy 290.1 million shares from Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, MS&AD Insurance Group Holdings and Tokio Marine Holdings.The automaker had said in May that it would buy back up to Y1 trillion of its shares by the end of April 2025, partly to respond to any divestment plans from its stakeholders.Japanese financial regulators have pressed companies to cut their stakes in other listed local companies to improve corporate governance. Advocates for a reduction in cross-shareholdings say banks and insurers that hold stakes in carmakers, for instance, may not oppose bad management decisions out of fear of losing their lending or insurance businesses.Earlier this month, Honda Motor said it planned to offer sha","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"SMFG":"三井住友金融","TKOMY":"Tokio Marine Holdings, Inc.","BK4107":"财产与意外伤害保险","03160":"华夏日股对冲","BK4588":"碎股","BK4555":"新能源车","BK4099":"汽车制造商","MUFG":"三菱日联金融","BK4207":"综合性银行","TM":"丰田汽车","BK4585":"ETF&股票定投概念"},"translate_title":"丰田汽车将从日本银行和保险公司回购价值超过50亿美元的股票——更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TM":1,"MUFG":0.9,"SMFG":0.9,"TKOMY":0.9,"03160":0.6},"content_text":"By Kosaku Narioka \n\n\n \n\n\n  Toyota Motor plans to buy back shares worth more than $5 billion held by Japanese banks and insurers. \n\n\n  The Japanese automaker said Tuesday that it would start a tender offer to repurchase shares worth Y806.8 billion ($5.14 billion) at Y2,781 apiece. \n\n\n  Toyota said it planned to buy 290.1 million shares from Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, MS&AD Insurance Group Holdings and Tokio Marine Holdings. \n\n\n  The automaker had said in May that it would buy back up to Y1 trillion of its shares by the end of April 2025, partly to respond to any divestment plans from its stakeholders. \n\n\n  Japanese financial regulators have pressed companies to cut their stakes in other listed local companies to improve corporate governance. Advocates for a reduction in cross-shareholdings say banks and insurers that hold stakes in carmakers, for instance, may not oppose bad management decisions out of fear of losing their lending or insurance businesses. \n\n\n  Earlier this month, Honda Motor said it planned to offer shares worth billions of dollars currently held by Japanese banks and insurers as part of efforts to broaden its shareholder base and improve discipline over management. \n\n\n \n\n\n  Write to Kosaku Narioka at kosaku.narioka@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 23, 2024 03:42 ET (07:42 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453701737"}