Toyota Motor Chairman Akio Toyoda’s proposal to buy out Toyota Industries for ¥4.7 trillion ($31.3 billion) has been delayed because the approval process under antitrust laws in various countries is taking longer than anticipated.

The takeover bid had been scheduled to start in December, but now isn’t likely to happen until at least February 2026, Toyota Industries said in a statement Monday. The take-private deal, unveiled in June, involves a real estate unit owned by group companies making a tender offer for the shares of Toyota Industries.

The regulatory hurdle could be the first of many as Toyoda attempts to tighten his family’s grip on Japan’s biggest business group in a deal that would rank among the biggest buyouts on record anywhere. Some investors had pushed back on the proposal because they said it significantly undervalues the business.