Toyota Motor Corp chairman Akio Toyoda’s ¥4.7 trillion (US$31 billion or RM130 billion) plan to take Toyota Industries Corp private has been delayed, as antitrust reviews in multiple countries are taking longer than expected.
Originally slated to begin in December, the tender offer is now expected to be postponed until at least February 2026, Toyota Industries said in a statement on Monday. The deal, announced in June, involves a group real estate unit making a tender offer for Toyota Industries’ shares.
The delay marks an early hurdle for Toyoda’s ambitious plan to consolidate control over Japan’s largest business group. Some investors have already criticised the offer, saying it undervalues Toyota Industries.
Under the proposal, the real estate company would offer ¥16,300 per share — an 11% discount to Toyota Industries’ closing price when the deal was announced. The company, which produces textile looms, forklifts and automotive parts, is the original business that gave rise to Toyota Motor, now the world’s largest automaker.
So far, antitrust clearances have been obtained in Australia, Canada, Israel and South Africa. “Approvals in other jurisdictions are still pending, with completion expected in mid-January 2026 or later,” the company said.
The buyout is intended to streamline Toyota’s complex ownership structure, which has long been criticised for cross-shareholdings among group companies. At the same time, it could further strengthen the Toyoda family’s control over the group founded by Akio’s grandfather.
Japan’s top banks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group — will provide ¥2.8 trillion in loans to finance the transaction. Toyoda himself will invest ¥1 billion into a new holding company that will lead the privatisation through Toyota Fudosan Co., an unlisted real estate firm that serves as the Toyoda family’s investment arm.
