Fuji Heavy (Subaru) Plans Ordinary Shares Buyback from Suzuki
TOKYO (Aug 8): Japan’s Suzuki Motor Corp intend sell back its ordinary shares in Fuji Heavy Industries in a deal worth around 52.7 billion yen (US$514.75 million), the compact car maker said on Monday.
Suzuki said it will sell 13.7 million in ordinary shares back to Fuji Heavy, which produces Subaru-branded vehicles, at a price of 3,852 yen per share in a transaction on Tuesday.
The deal comes after Fuji Heavy in May said it planned to repurchase up to 15 million of its ordinary shares — around 1.9% of total ordinary shares — through September to boost its share value.
After Suzuki unloads its shares, Toyota Motor Corp will become the only automaker with a major stake in Fuji Heavy.