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Toyota Motor’s buyout of group company faces new obstacle after investor Elliott takes stake

Business World Philippines

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November 13, 2025

Toyota Motor’s planned buyout of group firm Toyota Industries is set to face more hurdles after activist investor Elliott Investment Management said it had bought a significant stake in the forklift manufacturer.

Elliott said in a statement that the proposed deal undervalued the company, lacked transparency and fell short of proper governance practices. Other global investors have also asked for more disclosure of the deal that would strengthen the influence of the founding Toyoda family within the group.

The transaction is being closely watched as it coincides with a push by regulators and the government for better corporate governance.

Toyota Industries, which is also a key supplier to the Japanese automaker, is to be taken private by Toyota Motor, group real estate company Toyota Fudosan and Toyota Chairman Akio Toyoda, the companies announced in June.

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