“日本企业治理的分水岭”，传丰田将出售3万亿日元战略持股

Core Viewpoint - Toyota Motor Corporation plans to sell approximately 3 trillion yen (about 132 billion RMB) of strategic holdings related to banks and insurance companies, aiming to demonstrate its commitment to corporate governance reform [1][3]. Group 1: Strategic Shareholding Sale - The sale may involve direct sales of shares or secondary sales to other investors, with the timing and scale potentially changing based on shareholder circumstances [1]. - Toyota's decision to divest is seen as a significant step in Japan's corporate governance reform, as regulatory bodies have been encouraging companies to reduce entrenched cross-shareholding relationships [3]. Group 2: Cross-Shareholding Context - Cross-shareholding, a practice where companies hold shares in each other, has a long history in Japan, providing stability for smaller companies but also leading to a lack of innovation and transformation among larger firms [3]. - Critics argue that this conservative approach has hindered Japanese automakers' progress in electrification and smart technology [3]. Group 3: Regulatory Influence - In March 2023, the Tokyo Stock Exchange began promoting governance reforms, including addressing cross-shareholding issues, which influenced Toyota's announcement to reduce its cross-shareholding ratio [3]. - Toyota plans to lower its stake in affiliated companies to 20% to raise funds for investments in emerging technologies [3]. Group 4: Investor Relations - The timing of Toyota's strategic shareholding reduction coincides with activist investor Elliott Management opposing Toyota's tender offer for Toyota Industries Corporation, claiming the offer price is too low and lacks transparency [4]. - Due to insufficient support from shareholders, Toyota has extended the deadline for the tender offer to March 2 [5].