Toyota plans around $19 billion share sale by financial institutions, sources say

Toyota plans a large-scale unwinding of strategic shareholdings that would involve banks and insurance firms selling around $19 billion of its shares, two sources said, in what would mark a watershed moment in Japan’s corporate governance reform. 

Why it matters

The sale will likely total around 3 trillion yen ($19 billion) but could be larger depending on the willingness of shareholders to sell, the sources said. Toyota’s shares extended gains following Reuters’ report. They were up around 2% in early afternoon trade, outperforming the broader market.