Toyota Motor has no plans to sweeten a deal involving a proposed ¥4.7 trillion ($31 billion) buyout of Toyota Industries, CEO Koji Sato said, rebuffing widespread criticism of a planned privatization bid.
Sato said that while opinions differ on the valuation of Toyota Industries, there are no plans to change a discounted price offered by the Toyota group, led by Toyota’s chairman, Akio Toyoda. The group, including Toyota Motor, already owns about 38% of the company, which makes textile looms and forklifts.
"We hope to proceed in a transparent way so that all stakeholders are in agreement,” Sato told reporters in Tokyo on Wednesday.
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.