Daimler Truck, Toyota Motor Sign Agreement With Intent to Create New Tokyo-Listed Company
May 30 2023 - 03:02AM
Dow Jones News
By Pierre Bertrand
Daimler Truck and Toyota Motor have entered into a legally
non-binding memorandum of understanding Tuesday with the intent to
combine their respective group companies, Mitsubishi Fuso Truck and
Bus Corporation and Hino Motors.
Mitsubishi Fuso Truck and Bus Corporation and Hino Motors would
be grouped together under a holding company whose shares are to be
listed on the Prime Market of the Tokyo stock exchange, Daimler
said.
"The strategic objective of this intended transaction is to join
the capabilities of both MFTBC and Hino to drive the transformation
of the commercial vehicle industry, benefiting from the support of
strong shareholders," Daimler said.
Daimler Truck and Toyota Motor will have equal shareholding in
the new company with a "substantial share" of external
shareholders. Exact details of the transaction and of the corporate
structure of the new company are to be agreed later in
legally-binding definitive agreements, Daimler said.
Daimler said that it and Toyota envisage the signing of
definitive agreements in the first quarter of 2024 and the closing
of the transaction by end of 2024.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 30, 2023 02:47 ET (06:47 GMT)
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