Toyota and Daimler to cut Archion stakes, selling shares worth up to $1.87 billion, Nikkei says

TOKYO, July 3 : Toyota Motor and Daimler Truck will reduce their stakes in truckmaker Archion this month, selling shares worth 200 billion to 300 billion yen ($1.24 billion to $1.87 billion), the Nikkei daily business reported on Friday.

Toyota and Daimler will offer approximately 900 million shares, or about 30 per cent of the total outstanding shares, through a public offering to meet Archion's listing requirements, the Nikkei reported, without disclosing sources.

In a statement, Archion said it was considering various capital policy options, including a possible share sale, but that nothing had been decided.

Toyota said the report wasn't something announced by the company. Daimler Truck declined to comment on what a company spokesperson referred to as "rumours, market speculation or unannounced transactions".

Toyota and Daimler Truck each own about 41 per cent of Archion's shares.

Archion, a holding company set up to own truckmakers Hino and Mitsubishi Fuso following their integration, says on its website that the two plan to each hold a 25 per cent equity stake in the company.

Nikkei said Archion was set to make an announcement on share sales as early as next week.

($1 = 160.7800 yen)