Toyota Motor Corp will buy back up to 1.89 percent of its shares worth up to 360 billion yen ($3.5 billion) in what would be the automaker's biggest buyback in more than a decade. Toyota, expecting record profits for the financial year ending March 31, is returning cash to shareholders and boosting its return on equity after its cash pile expanded to 1.8 trillion yen as of end-December. The world's biggest automaker said on Wednesday it would sell 30 million shares to Japan Trustee Services Bank for a token sum of 1 yen per share, with the dividends used to fund a new foundation to support the auto industry's development and environmental protection. "We want to reward our shareholders through this buyback and cancellation," Toyota spokesman Ryo Sakai said.
via Business News - Yahoo Finance http://ift.tt/1fipGwT
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