Toyota and Daimler to reduce stakes in Archion, selling shares up to worth $1.87 bln, Nikkei says

Automakers Toyota Motor TSE:7203 and Daimler Truck XETR:DTG will reduce their stakes in truckmaker Archion TSE:543A this month, selling shares worth 200 billion to 300 billion yen ($1.24 billion to $1.87 billion), the Nikkei daily business reported on Friday.

Toyota and Daimler will offer approximately 900 million shares, or about 30% of the total outstanding shares, through a public offering to meet Archion's listing requirements, the Nikkei reported, without disclosing sources.

Archion is set to make announcement on share sales as early as next week, the newspaper reported.

($1 = 160.7800 yen)