Denso to sell off cross-shareholdings and use proceeds on M&A [Reuters]
TOYOTA INDUS CRP UNSP/ADR (TYIDY)
NASDAQ:AMEX Investor Relations:
toyota-industries.com/investors
Company Research
Source: Reuters
president said on Friday, as the company looks to fund acquisitions and other investments. WHY IT'S IMPORTANT Investors have long pressured Japanese companies to sell-off cross-shareholdings and put their capital to better use. Firms have been gradually selling down their stakes, thanks in part to a governance push by the Tokyo Stock Exchange and the government. Report this ad Toyota and some other of its group companies last year sold around 8% of Denso, a move that was seen as a critical first step by the sprawling Toyota Group and heightening expectation of more sales to come. CONTEXT * Denso President Shinnosuke Hayashi told a briefing the supplier of auto components will continue selling its cross-shareholdings, with the intent to sell all of them, after holding talks with the companies involved. * Denso, which doesn't disclose the size of its cross-shareholdings, in March announced plans to sell all of its 9.1% stake in Toyota Industries * It has also cut holding
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