KDDI to Buy Back $2.7 Billion of Stock Including Kyocera's Stake
KDDI Corp. said it will buy back as much as ¥400 billion ($2.7 billion) worth of its shares, with Toyota Motor Corp. and Kyocera Corp. tendering their stakes.
The mobile network operator joins a growing trend of unwinding cross shareholdings among major Japanese businesses. Owning stakes in partner companies had once been lauded for encouraging collaboration and mutual support, but is increasingly now coming under scrutiny from regulators keen on promoting greater transparency in the interests of minority shareholders.
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