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Toyota Motor Corp said on Saturday it is considering various options, including a partial investment, in a possible buyout of Toyota Industries Corp, a key parts supplier. The move follows reports of a potential $42 billion transaction that could significantly reshape the group’s corporate structure.
In a filing with the Tokyo Stock Exchange, the automaker confirmed it was “exploring various possibilities,” but emphasized that no decision has been made yet.
Bloomberg News reported on Friday that Toyota Chairman Akio Toyoda and his founding family had proposed acquiring Toyota Industries through a deal valued at around 6 trillion yen ($42 billion). However, Toyota Industries, which has a market capitalization of around 4 trillion yen, issued a statement denying it had received any such proposal directly from the Toyota chairman or group.
According to two sources familiar with the matter, Toyota Industries is considering financing the potential buyout through support from Toyota, group affiliates, and major banks. They also clarified that the proposal did not originate from Akio Toyoda or the Toyota group, Reuters reported.
If executed, the buyout could unwind long-standing cross-shareholdings within the Toyota group and improve its overall corporate governance structure, the sources said. Cross-shareholdings, common in Japanese corporate circles, have increasingly come under pressure from regulators and shareholders, who argue they reduce transparency and shareholder accountability.
As of September 2024, Toyota Motor owned 24% of Toyota Industries, which in turn held 9.07% of Toyota and 5.41% of another key supplier, Denso. Toyota Industries has already sold some of its stakes in affiliated companies such as Aisin, amid growing shareholder calls to enhance returns and streamline its investment strategy.
One of the sources noted that going private would allow Toyota Industries to focus more freely on long-term growth strategies without being constrained by immediate shareholder demands.
Founded in 1926 as Toyoda Automatic Loom Works by Sakichi Toyoda, Toyota Industries evolved into a major manufacturing force. It produces forklifts, engines, and even the RAV4 SUV for Toyota Motor.
Both companies reiterated that discussions are ongoing and no final decisions have been reached.
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