Toyota to buy out rest of Daihatsu for 389b yen in stock

Tokyo

TOYOTA Motor Corp will buy out its Daihatsu Motor Co unit for about 389 billion yen (US$3.2 billion) in stock, making a key unit for small cars sold in Southeast Asia and Japan a wholly owned subsidiary.

The world's largest carmaker expects to offer 0.26 share for each share of Daihatsu in an exchange of stock scheduled to take effect on Aug 1, according to a statement. Toyota is offering a 0.6 per cent premium based on Daihatsu's closing share price on Friday.