Four of Japan’s largest property insurers and other financial firms plan to sell about ¥500 billion ($3.1 billion) worth of shares in Honda Motor, three people said, as the unwinding of cross-shareholding practices accelerates.
Tokio Marine Holdings Sompo Holdings and two units of MS&AD Insurance Group will jointly sell shares in the automaker, the sources said, declining to be named because the information has not been made public.
Other financial institutions will also reduce their stakes in Honda, bringing the total sale value to about ¥500 billion, based on Honda’s current share price, the sources said.
