TOKYO Honda Motor has priced shares in a secondary share sale at ¥1,664.5 each, or a 3% discount to Wednesday's closing price, valuing the deal at ¥497 billion (US$3.16 billion or RM14.7 billion), the automaker said.

The amount includes an overallotment triggered depending on demand.

Those selling - insurers and financial firms including Tokyo Marine, Sompo and Mitsubishi UFJ - aim to sell as many as 300 million Honda shares. Reuters first reported the insurers' plan earlier this month.

Cross-shareholding, or companies holding shares in each other, was long seen as a way to reinforce business ties in Japan. Governance experts and foreign investors said the practice protects management from shareholders.

  - Reuters