Core Viewpoint - Elliott Investment Management opposes the tender offer from Toyota Motor for Toyota Industries, claiming the offer price is too low and detrimental to minority shareholders [1]. Group 1: Tender Offer Details - Toyota Motor initially offered 16,300 yen per share for Toyota Industries, later increasing the bid to 18,800 yen in January [1]. - The tender offer was set to close on Thursday, with 33.1% of shares tendered two and a half hours before the deadline [1]. - To succeed, the bid requires acceptance from 42.01% of minority shareholders, excluding Toyota Motor's 24.66% stake [1]. Group 2: Market Reaction - Following the announcement of the tender offer extension, Toyota Industries shares surged, reaching a record high of 20,355 yen per share [1].

Core Insights - Kalmar has signed an agreement with ArcelorMittal to supply 12 medium forklift trucks, including two with next-generation lithium-ion battery technology, with delivery scheduled for Q1 2026 [1][3] Company Overview - ArcelorMittal is a leading integrated steel and mining company operating in 60 countries, focusing on producing smarter steels with innovative processes that reduce energy use and carbon emissions [2] - Kalmar, headquartered in Helsinki, Finland, operates globally in over 120 countries and reported sales of approximately EUR 1.7 billion in 2024 [5] Technological Advancements - The new Kalmar forklift trucks will enhance material handling efficiency and sustainability in steelmaking environments, contributing to ArcelorMittal's goal of reducing its carbon footprint [3] - The second-generation lithium-ion battery technology offers improved energy capacity, thermal stability, and performance predictability across various operating conditions [3] Strategic Alignment - ArcelorMittal's CEO emphasized that sustainability and efficiency are central to the company's operations, aligning with Kalmar's advanced forklift solutions and battery technology [4] - Kalmar's next-generation battery technology is seen as a significant advancement in helping customers improve operational efficiency while minimizing emissions [4]