Japanese insurers, banks to sell Honda shares worth $3.3 bln, filing shows

TOKYO, July 4 (Reuters) – Japanese financial groups including Tokio Marine (8766.T), opens new tab, Sompo (8630.T), opens new tab and two MS&AD (8725.T), opens new tab units will sell Honda Motor (7267.T), opens new tab shares worth 535 billion yen ($3.3 billion) to unwind cross-shareholdings, a regulatory filing showed on Thursday.

Mitsubishi UFJ (8306.T), opens new tab and Mizuho (8411.T), opens new tab, Japan’s first- and third-largest financial groups, also plan to participate in the sale, a sign that the unwinding of cross-shareholdings is catching pace as part of Japan’s corporate governance reforms.

Source: REUTER