By Pierre BertrandDaimler Truck and Toyota Motor have entered into a legally non-binding memorandum of understanding Tuesday with the intent to combine their respective group companies, Mitsubishi Fuso Truck and Bus Corporation and Hino Motors. Mitsubishi Fuso Truck and Bus Corporation and Hino Motors would be grouped together under a holding company whose shares are to be listed on the Prime Market of the Tokyo stock exchange, Daimler said. Daimler Truck and Toyota Motor will have equal shareholding in the new company with a "substantial share" of external shareholders. Exact details of the transaction and of the corporate structure of the new company are to be agreed later in legally-binding definitive agreements, Daimler said. Daimler said that it and Toyota envisage the signing of definitive agreements in the first quarter of 2024 and the closing of the transaction by end of 2024.

Source: Wall Street Journal May 30, 2023 06:52 UTC