TOKYO (AP) -- Fuji Heavy Industries Ltd. said Friday it plans to sell shares worth nearly $300 million to Toyota Motor Corp., boosting the Japanese automaker's stake in the maker of Subaru cars to nearly 17 percent.
Fuji Heavy said in a statement it will sell 61 million shares worth 31.1 billion yen to Toyota, Japan's largest automaker.
Toyota, already Fuji Heavy's top shareholder, will raise its stake in the company to 16.6 percent from the current 9.5 percent. Toyota's payment is expected to be completed by July 14.
