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Nintendo confirms buyback of some Yamauchi shares

Heirs of former CEO could boost future acquisitions

Nintendo has confirmed that members of its founding Yamauchi family have sold some of their stake in the company as part of a 114 billion-yen ($1.1 billion) share buyback initiative.

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The heirs to former chief executive Hiroshi Yamauchi owned about 10 per cent of Nintendo's equity, Nintendo said in a statement issued to Bloomberg.

Nintendo has purchased 9.5 million shares, or about 7.4 per cent of its outstanding stock, as part of a wider move to give the business more clout in making future mergers or acquisitions.

In a recent interview, Nintendo chief executive Satoru Iwata was quoted as saying the corporation was "considering" acquiring other companies.

"For this reason, we'll step up share buybacks," he said.

The buyback of Yamauchi family shares may be considered one step in this overall plan, though it is not clear what the heirs' intentions are.

Hiroshi Yamauchi, who ran Nintendo for 53 years, passed away in September. He was 85.

His stake in the company was inherited by his four children.

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