TOKYO (Reuters) – Japan’s Denso Corp priced the sale of its shares at a 3% discount to the latest closing on Wednesday, valuing a sweeping unwinding of the Toyota affiliate’s cross-shareholding at around 610 billion yen ($4.2 billion).
The share sale, which will see Toyota Motor Corp and two other affiliates sell stakes in Denso, is one of the strongest signals yet of an unwinding of cross-shareholding in the Toyota group of companies.
Denso, a global automotive components manufacturer, said the share sale was priced at 2,069.5 yen a share, representing a 3% discount to Wednesday’s closing price of 2,134 yen.
That valued the deal at 610 billion yen, including the overallotment.
($1 = 145.9300 yen)
(Writing by David Dolan; Editing by Jacqueline Wong)
