Toyota Chairman Akio Toyoda¡¯s bid to buy out Toyota Industries could pit him against Japan¡¯s efforts to reform its corporate landscape by demanding more shareholder accountability from top businesses.
While the $42 billion take-private attempt is being cheered by investors ¡ª Toyota Industries¡¯ stock climbed by the daily limit of 23%, and Toyota jumped as much as 5.6% ¡ª the potential move could also mark a retreat in the Toyota Group¡¯s attempts to unwind cross-shareholdings and appoint more independent directors.
The chairman holds less than 1% of Toyota Industries, but the company has a 9.1% stake in the carmaker, and much depends on how these holdings are rationalized if and when the deal proceeds.
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