Mitsubishi UFJ Financial, Sumitomo Mitsui To Sell More Than $8.5 Bln Of Toyota Shares : Report

(RTTNews) - Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. are set to commence divesting approximately 1.32 trillion yen or $8.5 billion worth of strategic shareholdings in Toyota Motor Corp. (TYT.L, TM), Bloomberg reported citing people familiar with the matter.

The banks plan to conduct the sales gradually and capitalize on Toyota's initiative to repurchase its own shares, the report said.

Last Month, Toyota Motor said it set aside 1 trillion yen as the maximum limit of share repurchases and would cancel 520 million shares, equivalent to 2 trillion yen worth of treasury shares.