Toyota Industries (TYO:6201) said it will tender all its holdings in several group companies' share buybacks and expects to record about 4.426 triillion yen in profit from the sales, according to a Friday filing on the Tokyo Stock Exchange.
The company said it will tender its entire stakes in Toyota Motor (TYO:7203), Denso (TYO:6902), Toyota Tsusho (TYO:8015) and Aisin (TYO:7259), subject to the commencement of buyback offers by some of the companies.
Toyota Industries said it plans to sell about 1.19 billion shares in Toyota Motor alone, valued at roughly 3.657 trillion yen based on the tender price. The move is part of a broader transaction aimed at taking the company private, it said.
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