(Adds background on second share sale)
By Yoshifumi Takemoto
TOKYO, April 27 Japan's finance minister will
meet the chief executive of Japan Post Holdings Co in
the coming days over the state-controlled company's shock $3.6
billion writedown on its Australian logistics arm, Toll Holdings
Ltd, a source said.
The source, who has direct knowledge of the meeting, said
Taro Aso and Japan Post's Masatsugu Nagato would focus on the
company's response to the impairment charge, booked just two
years after the acquisition of Toll.
The 2015 cash deal was widely criticised at the time.
Analysts and bankers questioned the rich premium as Japan Post
rushed to seal its first overseas transaction just months ahead
of its initial public offering.
Japan Post announced the 400 billion yen writedown on Toll
earlier this week. The hit pushed it to an annual loss of 40
billion yen for the year ended in March.
News of the writedown comes at a sensitive time for Tokyo,
which is planning the sale of additional government shares in
the Japan Post. Japan, which still controls 80 percent of the
company, aims to raise around 4 trillion yen ($35.96 billion)
through that sale.
The divestment is partly aimed at funding the rebuilding of
areas hit by Japan's 2011 earthquake and tsunami. No date has
been set, but Tokyo has named six investment banks to serve as
The government sold about $12 billion worth of shares in
Japan Post and its two financial units in the initial public
Japan Post declined to comment. The finance ministry did not
immediately reply to a request for comment.
($1 = 111.2300 yen)
(Reporting by Yoshifumi Takemoto; Writing by Thomas Wilson;
Editing by Clara Ferreira Marques)