ITOCHU Corporation's tender offer for its own shares closed oversubscribed. Shareholders offered 83,403,785 shares against a planned purchase of 82,735,700, so the trading house applied a pro-rata allocation and ended up buying 82,735,750 shares at ¥1,813 apiece. The offer ran for 20 business days, from August 4 to September 1, 2026, with Daiwa Securities as tender agent; settlement to shareholders begins September 28.
The tender was only the first half of a larger plan. ITOCHU's board resolved on August 3 to buy back up to 190 million of its own shares, about 2.7% of shares outstanding excluding treasury stock, for up to ¥300bn through January 29, 2027. With roughly half that ¥300bn ceiling spent on the tender, the company said it would use the remainder, up to about ¥150bn, to buy shares on the Tokyo Stock Exchange starting the same day the results were announced.
| Metric | Figure |
|---|---|
| Tender offer price per share | ¥1,813 |
| Shares tendered | 83,403,785 |
| Shares originally planned for purchase | 82,735,700 |
| Shares actually purchased (after proration) | 82,735,750 |
| Approximate proration ratio | 0.992 |
| Total buyback authorization | ¥300bn cap, up to 190 million shares (about 2.7% of shares outstanding excluding treasury stock) |
| Remaining market-purchase cap on the Tokyo Stock Exchange | approximately ¥150bn |
| Buyback authorization window | August 4, 2026 to January 29, 2027 |
| Settlement start date for tendered shares | September 28, 2026 |
The accompanying tender offer report filed with the Kanto Local Finance Bureau shows how the proration actually worked. Because total tenders exceeded the planned quantity, ITOCHU applied a ratio of roughly 0.992 to every applicant, rounded to whole trading units, then filled any shortfall from investors whose rounded-down allocations had been cut the most. The largest single tendering holder offered 24,600,100 shares and had 197,000 shares returned, ending up with 24,403,100 shares accepted, a pattern repeated in smaller proportion across the tendering holders listed in the filing.
What remains unresolved is pace, not authorization. The ¥150bn market-purchase allowance is a ceiling ITOCHU is permitted to spend on the Tokyo Stock Exchange before the buyback window closes on January 29, 2027, not a commitment to spend it in full or on any particular schedule. The tender offer period is over and its results announced, but settlement to tendering shareholders does not begin until September 28; the open-market purchases, by contrast, began the same day the results were disclosed.