OSAKA (Kyodo) Hanshin Electric Railway Co. is asking Keihan Electric Railway Co. to buy some Hanshin shares from financier Yoshiaki Murakami's investment fund, which became Hanshin's largest shareholder last fall, industry sources said Wednesday.
Hanshin is making the request through Daiwa Securities SMBC Co., which is lead underwriter of Hanshin shares, they said.
Hanshin is willing to promote cross-shareholding among railways in western Japan to help counter hostile takeover bids, the sources said.
But a stock market source said Hanshin share purchases by Keihan and other railways may be limited to a few percent of the Murakami Fund's Hanshin stake, which had exceeded 44 percent by Feb. 1.
Hanshin is considering having its executives and other companies buy part of the Murakami stake, the industry sources said.
A Keihan executive said the firm would consider whether to buy Hanshin shares only after receiving a request.
A Murakami Fund spokesman declined comment on the matter.
An investment unit of Nomura Securities Co. is reportedly planning to buy Hanshin shares from the Murakami Fund.
Hanshin and the Murakami Fund have been at odds over management of the group since the fund's purchase of a major stake in Hanshin was made public in September.