Toyota ups stake in Hino

Thu, 26 Apr 2001 | Source: AFP

TOKYO (AFP): Toyota Motor Corp. said Wednesday it was spending US$543 million to raise its stake in Hino Motors Ltd. to over 50 percent to turn the Japanese truck maker into a subsidiary.

"Toyota Motors has decided to purchase the allocation of new shares to a third party from Hino Motors which has ties with Toyota," Japan's leading auto manufacturer said in a statement.

Toyota said it was raising its existing 36.6 percent holding in Hino to 50.1 percent to make the company a subsidiary in order to benefit its group truck business and to help Hino restructure to be more competitive.

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