Hino Motors, 2 Others Offer to Sell 2.12m Shares in Nikkon

Hino Motors, Sompo Japan Insurance and Mitsui Sumitomo Insurance offer to sell total ~2.12m shares in secondary share sale.

• Hino to sell ~1.49m shares, Sompo Japan 501,400 shares and Mitsui Sumitomo 129,300 shares
• Total sale ~6.23b yen based on Fri.’s closing price of 2,930.5 yen: Bloomberg calculation
• Sale to be priced as soon as June 17
• The secondary offering is to reflect interest by shareholders to sell the shares on the back of a wider trend to reduce cross-shareholdings among Japanese companies

To contact the reporter on this story:
Go Onomitsu in Tokyo at gonomitsu@bloomberg.net

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