Trending: Daimler Truck Outlines Plan to Combine Fuso With Toyota's Hino Motors
May 30 2023 - 04:28AM
Dow Jones News
0757 GMT - Daimler Truck Holding is among the most mentioned
companies across news items over the past 12 hours, according to
Factiva data. The German commercial-vehicle manufacturer said
Tuesday it has signed a nonbinding agreement to merge its
Mitsubishi Fuso Truck and Bus business with Toyota Motor's Hino
Motors, forming a new holding company that would be listed on the
Tokyo stock exchange. Daimler said it and Toyota would have the
same shareholding in the merged entity, which would also have a
substantial share of external investors. Exact details of the deal
and the merged entity's structure have yet to be ironed out in
legally binding definitive agreements that Daimler and Toyota
expect to sign in the first quarter of 2024. The companies expect
to close the deal by the end of next year. Analysts at Citi said in
a research note the proposed combination seeks to accelerate
technology development across the companies' heavy-duty segments.
Dow Jones & Co. owns Factiva.
(adria.calatayud@dowjones.com)
(END) Dow Jones Newswires
May 30, 2023 04:13 ET (08:13 GMT)
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