Toshiba sees Mizuho join BlackRock in building 5% stake

Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo

Japan’s Mizuho Financial Group Inc has built a 5.07% stake in Toshiba Corp – a move which comes after the industrial conglomerate returned to the Tokyo Stock Exchange’s top section.

Mizuho’s banking unit, securities unit and asset management arms own 1.24%, 1.7% and 2.13% respectively, a filing from the finance ministry showed.

The news comes after BlackRock Inc said on Thursday that it had built a 5.21% stake in Toshiba. That made the U.S. asset manager Toshiba’s third-largest shareholder behind hedge funds Effissimo Capital Management and Farallon Capital Management, a source familiar with the matter said.

Toshiba, which is embroiled in a long-running row with activist shareholders including Singapore-based Effissimo, has said the return to the TSE’s first section would lure buying from investors in stock indexes. Toshiba rejoined Japan’s Topix index of top tier shares on Feb. 25.

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