TOKYO (AP) - Toyota is planning to raise its half stake in minicar maker Daihatsu to full ownership.
TOKYO (AP) — Toyota is planning to raise its half stake in minicar maker Daihatsu to full ownership.
Toyota Motor Corp. said Friday that it will carry out a share exchange, to be completed in August. Toyota now owns 51.2 percent of Daihatsu Motor Co.
Both sides said the move will allow Toyota and Daihatsu to work more closely together as well as pool resources on future technologies, while maintaining their separate brands.
Toyota said there was no monetary amount yet for the deal, but the board of directors had given their approval.
It needs shareholder support in a general meeting set for June.
The last day of stock market trading for Daihatsu is planned for July 26, and its delisting July 27.