To pay 2,781 yen each, 10% discount to closing price July 22 (Il Sole 24 Ore Radiocor) - Tokyo, 23 Jul - Japanese automotive group Toyota said it would start a tender offer to buy back 806.848 billion yen worth of its shares from major Japanese banks and insurers.

Toyota will buy the shares at 2,781 yen each, a 10% discount rate to 3,090 yen, the closing price of the company's common stock on the TSE Prime Market on July 22.

The company said it would buy 290,122,345 shares from insurer Tokio Marine & Nichido, Mitsubishi UFG Financial Group, Sumitomo Mitsui Financial Group, and MS&AD Insurance Group Holdings.

In May, Toyota said it would buy up to 410 million of its treasury shares for a total acquisition price of up to 1 trillion yen during the period from May 9, 2024 to April 30, 2025.

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(RADIOCOR) 23-07-24 11:53:05 (0276) 5 NNNN