Toyota Tsusho’s 118 million-share buyback redraws its ownership map
Toyota Tsusho's self-tender turned into an ownership reset. Shareholders tendered 118,109,134 shares against a planned purchase amount of 118,095,402, so the company used pro-ration and ended up buying 118,095,432 shares. The offer was only marginally oversubscribed, but still large enough to matter. Why it matters: Toyota Tsusho says the holder named as Toyoda Jidoshoki goes from 11.19% of voting rights to effectively zero once settlement begins on June 24. This was not just cash spent on a buyback; it redraws the disclosed ownership map.