Kyodo News
JP Morgan Chase & Co. has sold some 525 million shares in Mitsubishi Motors Corp., slashing its stake to 0.66 percent from 11.35 percent, MMC said Friday.
The U.S. investment bank is believed to have sold its shareholdings to various overseas institutional investors after acquiring them Thursday from Phoenix Capital Co., a Tokyo-based corporate turnaround fund.
As a result, three Mitsubishi group firms have become the top three shareholders in the automaker with Mitsubishi Heavy Industries Ltd., owning a stake of 11.82 percent, Mitsubishi Corp. an interest of 11.62 percent and Bank of Tokyo-Mitsubishi 4.15 percent.
The three major shareholders aim to raise their combined interest to 34 percent by the end of next March, aiming to oversee the restructuring measures aimed at turning around MMC operations.