Toyota and Affiliates to Sell $1 Billion in Aisin Shares

The divestment aims to reduce cross-shareholdings and support development of battery-powered vehicles.

Toyota, Denso, and Toyota Industries will divest 33.9 million shares in Aisin.
Aisin plans to buy back 17 million shares and conduct a 3-1 stock split.
The sale will reduce Toyota's stake in Aisin from 24.8% to 20%.
The move follows a similar sale of Denso shares in November.
Japanese companies face pressure to unwind cross-shareholdings to improve capital use.