Toyota Motor Chairman Akio Toyoda¡¯s ?6 trillion ($41 billion) plan to buy out Toyota Industries has won over at least one of the auto supplier¡¯s critics: Dalton Investments.
¡°I¡¯m a cheerleader for him at this point, a complete and utter cheerleader because it is so dynamic and gutsy,¡± Jamie Rosenwald, Dalton¡¯s co-founder and chief investment officer, said in an interview. ¡°It will shake up the Japanese equity market dramatically in one go.¡±
Since news of Toyoda¡¯s plan to take the supplier of textile looms, forklifts and parts for Toyota¡¯s cars private became public in April, one key question has been whether the move signals a consolidation of his power over the Toyota empire, or a positive step toward strengthening corporate governance by unwinding cross-shareholdings.
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