AutomotiveBusiness & Finance
28 November 2023, 4:34 am 1 minute
Reuters exclusively reported that Toyota Motor (7203.T) and two affiliates plan to sell about 10% of components maker Denso (6902.T) by year-end, a stake likely worth about $4.7 billion, sources familiar with the matter said. The sale of shares in Denso would mark the latest step by the world’s top selling automaker to cash in on stakes in affiliates as it ramps up production of fully electric vehicles, a capital-intensive endeavour that spans research and development to an overhaul of the factory floor.
Market Impact
Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).
Article Tags
Topics of Interest: AutomotiveBusiness & Finance
Type: Reuters Best
Sectors: Business & FinanceIndustrial Goods & Manufacturing
Regions: Asia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Credit:
1: https://www.reutersagency.com/en/reutersbest/article/toyota-group-companies-plan-4-7-billion-sale-of-denso-stake/
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