Toyota Motor Corp’s logo is pictured at its dealership in Tokyo, Japan April 3, 2025. REUTERS
TOKYO, Nov 11 (Reuters) – Elliott Investment Management said on Tuesday it had a significant stake in Toyota Industries and had been sharing its concerns about the planned buyout of the forklift maker by Toyota group companies.
The Florida-based activist investor said the proposed deal undervalued the company and lacked transparency. It confirmed it had been in talks with Toyota Industries’ management and board about the process, which it said had fallen short of proper governance practices.
The Toyota group said in June it would take Toyota Industries private through a holding company backed by Toyota Motor Toyota Fudosan and Toyota Chairman Akio Toyoda.
Elliott did not disclose the size of its holding but described itself as one of Toyota Industries’ largest shareholders. The company said in a filing earlier on Tuesday that Elliott owned 3.26% as of September 30.
A Toyota Industries spokesperson did not immediately respond to a request for comment on Elliott’s statement that the deal undervalued the company and lacked transparency.
Reporting by Daniel Leussink in Tokyo and Dheeraj Kumar in Bengaluru; Editing by Rashmi Aich and Kate Mayberry
