Sompo Japan, Hino, Others to Sell Nippon Express Shares

Sompo Japan Insurance, Hino Motors and Isuzu Motors are among companies offering to sell shares in Nippon Express Holdings, according to a filing to Japan’s finance ministry.

• Will offer as many as ~4.85m shares, which is ~39b yen based on Fri.’s closing price of 8,039 yen: Bloomberg calculation
• Other shareholders selling shares include UD Trucks and MUFG Bank
• To set offer price as soon as March 11
• Nippon Express separately says it’s buying back as much as 1.82% of shares for 10b yen
• Related Story: Japanese Insurers Will Sell Cross-Shareholdings After Scandal

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