Mizuho Financial (MFG) plans to reduce its stake in Orient to about 33.8% from more than 48% by selling 15% stake, Bloomberg reported Friday, citing the company.
Separately, Mizuho's board opposed a shareholder proposal seeking disclosure of the potential impact on risk-weighted assets and other Basel regulatory metrics if Orient were to become a consolidated subsidiary, it said Friday.
The proposal argued that Mizuho's roughly 48% indirect stake and longstanding management ties could lead to Orient's consolidation, it added.
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