TOKYO :Four of Japan's top property and casualty insurers and other financial firms plan to sell around 500 billion yen ($3.1 billion) of shares in Honda Motor , three people said, as the unwinding of cross-shareholding practices accelerates.
FILE PHOTO: The Honda logo is displayed at the 44th Bangkok International Motor Show in Bangkok, Thailand, March 23, 2023. REUTERS/Athit Perawongmetha/File PhotoTOKYO :Four of Japan's top property and casualty insurers and other financial firms plan to sell around 500 billion yen of shares in Honda Motor , three people said, as the unwinding of cross-shareholding practices accelerates.
Honda declined to comment on the insurers' sale, saying only that the information was not something it itself had announced. Honda is one of the top five cross-shareholding companies for the insurers except for Aioi Nissay Dowa Insurance, according to securities filings as of March. The four insurers, or their parents, held more than 300 billion yen of Honda shares as of March, with Tokio Marine at 161 billion yen, Sompo Japan at 81 billion, Mitsui Sumitomo at 73 billion and Aioi Nissay at 2.8 billion, securities filings showed.
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