Japan Denso Aims To Buy 6 Million Of Own Shares At Y2,043 Each

TOKYO February 16, 2004; Kanji Ishibashi writing for Dow Jones reported that Denso Corp. said Monday it plans to buy 6 million of its own shares at Y2,043 each via a tender offer from Feb. 17 to March 8.

The major Japanese car parts maker, an affiliate of Toyota Motor Corp. , said it plans to spend Y12.29 billion for the purchase of 0.68% of its outstanding shares.

The offer price represents a 5.0% discount from the stock's closing price Friday in Tokyo of Y2,150, Denso noted. On Monday, the stock ended at Y2,175.

"We've fixed the price after considering price movements for the past month," a Denso official said.

The company received approval from its shareholders last June to buy up to 20 million of its own shares for up to Y40 billion.