In a move to strengthen its ties with Hino Motors Ltd., Toyota Motor Corp. plans to purchase 13.3 million shares in the major truck manufacturer, increasing its shareholding to 20.1 percent, Toyota announced Sept. 29.
Toyota, which already controls 16.4 percent of Hino's outstanding shares, plans to buy the shares as soon as possible. Once it holds more than 20 percent of Hino's outstanding shares, the truck maker's financial results will be reflected in Toyota's consolidated financial reports.
Toyota, which signed a cooperative agreement with Hino in 1966, has recently been strengthening its ties with the firm. In March, Toyota raised its share stake from 11.1 percent to 16.4 percent. Under their strategic alliance, Hino will develop trucks for Toyota while Toyota will focus on developing other vehicles.