Toyota Industries to Accept Toyota Motor Corporation (TM)’s $42B Takeover Bid, Nikkei Reports

Toyota Industries is expected to accept a $42 billion takeover bid from the Toyota Motor Corporation (NYSE:TM) and other group companies, the Nikkei newspaper has reported.

Toyota Industries to Accept Toyota Motor Corporation (TM)'s $42B Takeover Bid, Nikkei Reports

Workers assembling a car in a modern manufacturing plant, emphasizing the company’s sense of progress.

The world’s largest automaker had said in April that it was exploring the possibility of acquiring the key parts supplier. Reports then suggested the deal could be valued up to 6 trillion yen ($42 billion).

According to Nikkei, the group companies are likely to take Toyota Industries private after it accepts the offer.

Further reports say the Toyota Motor Corporation (NYSE:TM) could borrow up to $21 billion from financial institutions to fund the acquisition.

This follows the Kyodo news agency’s report last month about Toyota Industries planning to accept the offer by Toyota Motor Corporation (NYSE:TM), with arrangements being made to announce the intention as early as May.

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