Toyota Industries to accept bid by Toyota Group

[TOKYO] Toyota Industries is set to accept a buyout offer from the Toyota group, Kyodo news reported on Monday (May 19) without attribution. 

It wasn’t clear whether the proposal was made by Toyota Motor or another entity within the Toyota group of companies, which includes suppliers and stakes in other carmakers. The buyout will be announced in May or June, the Japanese news agency said. 

Toyota Motor chairman Akio Toyoda is planning to buy out Toyota Industries, Bloomberg reported last month, via a special-purpose vehicle with backing from Japan’s biggest banks. 

Toyota Industries makes looms for textile manufacturing and as well as parts for Toyota’s passenger cars. Meanwhile, Toyota Motor, the world’s No 1 carmaker, has sought to unwind its tangled web of cross-shareholdings, as part of the government’s push to foster fair competition and improve governance among Japan’s corporate giants. BLOOMBERG