TOKYO (Reuters) -Parties involved in Toyota Motor Chairman Akio Toyoda’s plan to buy out supplier Toyota Industries are working toward a tender offer as soon as November, Bloomberg News reported on Wednesday, citing people familiar with the matter.
A special purpose vehicle set up by Toyoda for the buyout is being advised by Nomura Holdings, while Toyota Industries has picked SMBC Nikko Securities as its adviser, Bloomberg reported.
Late last month, the world’s biggest automaker said it was considering investing in a potential buyout of the key parts supplier, which is a major manufacturer of forklifts and makes the RAV4 sport utility vehicle for Toyota.
Toyota Industries said at that time it had received proposals about being taken private through a special purpose company, but it denied it had gotten a buyout proposal from the Toyota chairman or the Toyota group.
Toyota Industries, Nomura and SMBC Nikko Securities declined to comment on the Bloomberg report. Toyota did not immediately respond to a comment request.
Toyoda’s special purpose vehicle planned to carry out a tender offer for all the shares in Toyota Industries as soon as November, following presentations to shareholders, Bloomberg reported.
(Reporting by Daniel Leussink, Editing by Tomasz Janowski and Louise Heavens)
