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Investing.com -- Toyota Fudosan, a real estate division of the Toyota group, announced plans to take Toyota Industries (OTC:TYIDF) private. The real estate firm stated on Tuesday that it will establish a new entity to initiate a tender offer to buy shares of Toyota Industries at 16,300 yen each, equivalent to $114.22.
Following a series of transactions, Toyota Fudosan aims to control a 99.44% stake in the entity that will fully own Toyota Industries. The remaining stake would be held by Akio Toyoda, the chairman of the carmaker. Toyota Fudosan is owned by Toyota group companies, with Toyoda serving as its chairman.
Toyota Industries’ shares have seen a significant rise since late April. The company, an affiliate of Toyota Motor (NYSE:TM), had announced that it received various proposals, including one to privatize the business. On Tuesday, the shares closed 0.8% higher at ¥18,400.
Toyota Industries, which was spun off from Toyota Motor in 1937, is a manufacturer of forklifts, cars, engines, other auto parts, and textile machinery. Toyota Motor is currently the biggest shareholder in the affiliate, owning approximately one-quarter of the company. Conversely, Toyota Industries holds about a 9% stake in the Japanese auto giant.
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