Sunday, October 11
Toyota Motor will take private a key supplier of its group, it said on Tuesday, in a $26 billion deal, marking a landmark repositioning of Japan's most important corporation. Under the terms of the deal, unlisted real estate company Toyota Fudosan will launch a tender offer for shares of Toyota Industries for 3.7 trillion yen ($26 billion), the companies said. Separately, Toyota said it plans to buy back its own shares from Toyota Industries. Japanese companies have come under growing scrutiny from the market regulator and investors in recent years about their cross-shareholdings in affiliates and business partners, sparking a rise in both management buyouts and acquisitions. Many of the deals have been driven by expectations that a corporate governance overhaul will bring better sharehold
