Shareholders of Japan brewer Asahi to sell $1.3 billion stake in latest unwinding

Japanese brewer Asahi Group Holdings has announced that shareholders plan to sell $1.3 billion worth of stock to overseas investors, as part of the ongoing trend of unwinding cross-shareholdings among Japanese firms. Eight Japanese banks, including Nomura Holdings and Sumitomo Mitsui Financial Group, will sell a total of 33.5 million shares in Asahi through a secondary offering in overseas markets. The move is aimed at increasing liquidity in Asahi's shares and revitalizing capital markets.

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