Group 1 - Toyota Group is accelerating the liquidation of cross-shareholdings to raise funds for its electrification projects, driven by increasing market demand for efficient capital allocation [1][3] - The total securities sales of nine Toyota Group companies, including Toyota Motor, Denso, Aisin, and Toyota Tsusho, are projected to reach 1.21 trillion yen (approximately 60.2 billion RMB) in the fiscal year 2024, marking a 50% increase from 837 billion yen (approximately 41.7 billion RMB) in the previous year [1] - The number of stocks sold by these companies has reached 70, reducing the remaining stocks held to 153, which is about half of what it was two years ago [1] Group 2 - As of March 2025, Toyota still holds nearly 3 trillion yen (approximately 150 billion RMB) in cross-shareholdings, a decrease of 16% from the previous year [3] - Cross-shareholding, a practice where two companies hold shares in each other, has historically provided stability for small and medium enterprises in Japan but has also contributed to a lack of innovation and transformation among Japanese automakers [3] - In response to governance reforms initiated by the Tokyo Stock Exchange in March 2023, Toyota announced plans to reduce its cross-shareholding ratio to fund investments in electrification and smart technologies, aiming to lower its stake in affiliated companies to 20% [3] Group 3 - In June 2023, Toyota Group announced a tender offer to acquire shares of Toyota Industries Corporation to facilitate its privatization, with a new holding company being established for this purpose [4] - The investment for this privatization includes 180 billion yen (approximately 9 billion RMB) from Toyota Real Estate, 700 billion yen (approximately 35 billion RMB) from Toyota Motor in non-voting preferred shares, and 1 billion yen (approximately 50 million RMB) from Toyota's chairman Akio Toyoda [4] - However, the privatization bid of 4.7 trillion yen (approximately 235.1 billion RMB) for Toyota Industries is significantly below the expected 6 trillion yen, raising concerns among shareholders regarding the management of Toyota Industries [4]

【文/观察者网 潘昱辰 编辑/高莘】据《金融时报》6月4日报道，由于丰田汽车和其他集团公司对丰田 自动织机仅4.7万亿日元（约合人民币2351亿元）的私有化报价过低，股东猛批丰田汽车践踏了他们的 权利。而根据之前一些媒体报道显示，丰田汽车对丰田自动织机的收购报价为6万亿日元（约合人民币 3022亿元）。 此前于6月3日，丰田集团宣布，丰田汽车、爱信、电装和丰田通商通过要约收购丰田自动织机的股份及 相关交易，以实现后者的私有化。为此，四家企业将成立一家新控股公司以推动丰田工业私有化。其中 由上述四家企业控股的丰田房地产出资1800亿日元，丰田汽车以无投票权优先股形式出资7000亿日元， 丰田汽车会长丰田章男个人出资10亿日元。 丰田集团旗下企业通过丰田房地产间接控股丰田自动织机 金融时报 此次交易将以每股16300日元的价格要约收购股份，较丰田自动织机当日的收盘价低11%。尽管这一价 格比私有化消息公布前丰田自动织机的股价溢价23%，但远低于每股18000日元以上的市场预期。 丰田自动织机则声明称，根据财务顾问的建议，该价格反映了其"内在价值"，并已成立一个特别委员会 来评判这一提议。丰田汽车则没有立即回应置评 ...

Group 1 - Toyota Motor Corporation (TM.US) announced a privatization deal for Toyota Industries Corporation (TYIDY.US) at a price of 3.7 trillion yen (approximately 26 billion USD), highlighting the Toyota family's control over the group and reflecting a shift in Japan's corporate governance model [1] - The acquisition price offered by Toyota Real Estate is 16,300 yen per share, which is a significant discount compared to the current market price of 18,400 yen per share, representing a 12.7% decrease [1] - The deal's actual valuation is 38% lower than the previously anticipated transaction size of 42 billion USD, indicating a notable reduction in market expectations [1] Group 2 - The cross-shareholding behavior among Japanese companies is facing increasing scrutiny from regulators and investors, leading to a rise in management buyouts and corporate acquisitions [2] - The Tokyo Stock Exchange has strengthened shareholder return requirements, prompting Japanese companies to accelerate the divestiture of non-core assets, with Toyota's move potentially serving as a benchmark case for simplifying ownership structures [2] - Simplifying the ownership structure can enhance decision-making efficiency and unlock asset value that has been "frozen" due to cross-shareholding arrangements [2]

Group 1 - Toyota Motor Corporation expects a 21% decline in operating profit for the next fiscal year, attributing this to new tariffs on automobile imports imposed by the U.S. [1] - The company is reportedly planning to acquire its subsidiary, Toyota Industries, for over $40 billion, which could be one of the largest internal equity restructuring actions in Japan's history [1][2] - The complex cross-shareholding structure within the Toyota Group has raised concerns among investors regarding the independence of companies and capital flow [1][2] Group 2 - There is dissatisfaction among Toyota's independent shareholders, as evidenced by a majority vote against the re-election of Chairman Akio Toyoda, reflecting concerns over corporate governance [2] - If Toyota integrates Toyota Industries into the parent company, it would be seen as a significant improvement in corporate governance, but current rumors suggest a preference for a special purpose vehicle (SPV) structure that may reinforce family control [2] - The potential "century deal" could inspire other Japanese companies to follow suit, as approximately 30% of the Japanese market's value is tied up in cross-shareholding, significantly higher than in Western markets [2] Group 3 - Stock buybacks in Japan have tripled compared to last year, indicating a growing focus on capital efficiency among Japanese companies [3] - Despite challenges such as tariffs, global economic slowdown, and yen appreciation, there is potential for companies focused on the domestic market to benefit as Japan's long-standing deflation may be nearing an end [3] - The potential restructuring at Toyota may signal a shift in Japan towards reforming overcapitalized corporate groups, similar to the U.S. in 1982 [3]

智通财经APP获悉，全球最大规模汽车制造商丰田汽车公司董事长丰田章男(AkioToyoda)寻求以420亿 美元收购丰田工业公司(Toyota Industries Corp.)的计划正稳步推进。据媒体援引知情人士透露的消息报 道称，相关各方已经选定金融顾问，最快将于11月启动要约收购事项。此次私有化收购将是日本有史以 来规模最大的收购，旨在通过解除丰田系公司之间的交叉持股来加强公司治理。 上月，丰田汽车表示正在考虑包括对丰田工业公司进行部分投资在内的多种可能性，但尚未作出决定。 丰田工业公司的高管们则表示正在考虑包括资本政策在内的一切可能性，以提升集团企业价值。 据了解，丰田系公司之间存在复杂且庞大的交叉持股网络：丰田汽车持有丰田工业大约 24.2% 股份， 而由丰田章男担任董事长的私人房地产开发商丰田Toyota Fudosan Co.则持有这家核心零部件供应商大 约5.32% 股份。 丰田系公司极度复杂的交叉股权结构 知情人士表示，丰田汽车用于专项收购而设立的特殊目的公司由日本金融巨头野村控股公司 (NomuraHoldingsInc.)担任金融顾问;丰田工业公司则已聘请SMBC日兴证券(SMBC Ni ...

Group 1 - Toyota is expected to report a 2% year-on-year increase in operating profit for Q4, reaching 1.13 trillion yen (78.6 billion USD), marking the first growth in three quarters, driven by strong demand for hybrid vehicles [1] - The company is facing potential impacts from U.S. tariffs, with analysts closely monitoring how these tariffs may affect future profits [1][3] - In Q1, Toyota sold 2.52 million vehicles, surpassing competitors Volkswagen and General Motors, with a 5% year-on-year increase in global sales due to strong demand in the U.S. and Japan [1] Group 2 - For the fiscal year 2024, Toyota's operating profit is projected to decline by 12% compared to the previous record level, with an adjusted forecast of 4.7 trillion yen [2] - Analysts estimate that operating profit for FY2025 could decrease by 800 billion yen due to tariffs affecting exports from Japan to the U.S. [3] - Toyota is considering producing the next generation of its popular RAV4 SUV in the U.S. to mitigate risks from tariffs and exchange rates [3] Group 3 - Toyota holds approximately 24% of Toyota Industries, which in turn owns about 9% of Toyota, along with over 5% of Denso, another major supplier [4] - Additional investments in suppliers may be viewed negatively by investors, while efforts to address cross-shareholding issues could be seen positively [4]