TOKYO -- Japan's publicly listed corporations sold a record 3.69 trillion yen ($25.4 billion) of cross-held shares in fiscal 2023, data compiled by Nikkei shows, a trend seen boosting their capital efficiency but leaving them more vulnerable to takeovers.
Companies
Japan Inc. sells record $25bn in cross-held shares, led by Toyota
Governance trend reduces buffer against takeover bids and activist investors
Japanese companies are slashing cross-shareholdings with key clients and group affiliates. (Photo by Konosuke Urata)
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