Toyota, Denso to Offload Aisin Shares in $1.3 Billion Deal.

TOYOTA Motor Corp. TM

Toyota Motor Corp., Denso Corp., and Toyota Industries Corp. are planning to sell part of their stakes in Aisin Corp., a major vehicle parts supplier, in a deal that could be worth up to $1.3 billion. This move is seen as a sign of Japan's efforts to encourage large companies to unwind their cross shareholdings. The sale is expected to decrease Toyota's stake in Aisin from 24.8% to 20% and the proceeds will be used to fund electric vehicle initiatives. Additionally, Aisin will conduct a stock split and cancel 8.5% of its shares. [Extracted from the article]

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