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.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.