TOKYO — The Toyota group is accelerating the unwinding of cross-held shares, a Nikkei analysis shows, as markets increasingly demand efficient capital allocation and the automaker seeks funding for its electrification push.
Nikkei calculated portfolio changes based on annual securities reports from nine Toyota group companies, including Toyota Motor, Denso, Aisin and Toyota Tsusho. Securities sales totaled 1.21 trillion yen ($8.3 billion) for the fiscal year ended March — up roughly 50% from the year-earlier 837 billion yen. The companies sold 70 different stocks, leaving them with shares in 153 companies — down by roughly half from two years prior.
