06:47 AM EDT, 07/02/2024 (MT Newswires) -- Four of Japan's top property and casualty insurers and other financial firms plan to sell around 500 billion yen ($3.1 billion) worth of shares in Honda Motor ( HMC ) , Reuters reported on Tuesday, citing three sources.

Tokio Marine Holdings, Sompo Holdings, and two units of MS&AD Insurance Group are among those looking to offload Honda ( HMC ) shares, along with other financial institutions, according to the report.

Honda ( HMC ) is expected to approve the sales soon, which would be around 500 billion yen based on Honda's ( HMC ) current share price, Reuters said citing sources.

The report added that the automaker plans to buy back up to 300 billion yen of its shares during the current financial year, which would help to absorb some of the impact of the sale.

Honda ( HMC ), Tokio Marine, and Sompo have not responded to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 32.28, Change: -0.58, Percent Change: -1.77