Japan’s Fujitsu Ltd said on Tuesday its biggest shareholder would sell most of its stake in the electronics conglomerate, part of a plan by the two firms to unwind their cross-shareholdings.
TOKYO Japan’s Fujitsu Ltd said on Tuesday its biggest shareholder would sell most of its stake in the electronics conglomerate, part of a plan by the two firms to unwind their cross-shareholdings.
Fuji Electric Co plans to unload 168.9 million shares. Fujitsu said it wants the stock to be sold to overseas investors.
Fujitsu also said it plans to buy back up to 39 million shares from the market for as much as 25 billion yen ($225 million).
The terms of the share sale have not been decided.
Based on Fujitsu’s closing price on Tuesday, the sale would be worth about 114 billion yen ($1 billion).
(This version of the story corrects paragraph 3 to say Fujitsu will purchase shares from the market, not Fuji Electric)
(Reporting by Taiga Uranaka and Chris Gallagher- Editing by Edwina Gibbs)
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