Toyota explores Y3tn stake divestment plan – report [Yahoo! Finance]
TOYOTA INDUS CRP UNSP/ADR (TYIDY)
NASDAQ:AMEX Investor Relations:
toyota-industries.com/investors
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Source: Yahoo! Finance
The potential divestment - which could expand depending on participation by shareholders - would represent a notable development in Japan's ongoing corporate governance reforms. Toyota is expected to repurchase shares via buybacks, while a secondary placement to other investors has also been explored, one source told the news agency. Details including timing and overall size remain uncertain, and the initiative could still be withdrawn, another source said. According to the report, Japan's regulators and the Tokyo Stock Exchange have been urging companies to unwind cross-shareholdings, a long-established practice in which corporations hold equity in one another to strengthen commercial relationships. Governance specialists and international investors have argued that such arrangements can shield management from shareholder scrutiny, the report added. Toyota already maintains a policy to cut cross-held stakes but has faced investor criticism regarding governance standards an
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