Toyota Motor Corp. will raise its stake in Hino Motors Ltd. from 20.1 percent to 33.8 percent, effectively gaining managerial control of Japan's largest truck manufacturer, the two companies announced Friday.
Hino Motors will issue 76.7 million shares, currently worth about 25 billion yen, to Toyota for a third-party allotment at the end of the month, they said.
Hino Motors will use the capital injection from Toyota to shore up its weak financial position. The company also plans to sell assets in order to reduce its debt, they said.