(News Bulletin 247) – Daimler Truck announced on Tuesday that it was considering merging MFTBC, its Japanese utility vehicle subsidiary, with Hino Motors, that of its rival Toyota.
The memorandum of understanding unveiled this morning provides for the creation of a new listed company, which would be owned equally by Daimler Truck and Toyota.
The company resulting from this merger would thus position itself as a Japanese manufacturer of commercial vehicles “competitive at the global level”, explain the two groups.
Daimler Truck and Toyota say they want to make the entity a company focused on connected, autonomous and electric vehicles, but also on hydrogen.
They anticipate the signature of a definitive combination agreement in early 2024, with a view to finalizing the transaction by the end of 2024.
The more specific details of the transaction, namely its legal name, location and organizational structure will be determined over the next 18 months.
MFTBC, controlled 89% by Daimler Truck and 11% by Mitsubishi, markets under the Fuso brand heavy, medium-heavy and light trucks as well as coaches on the Asian market.
On the Frankfurt Stock Exchange, Daimler Truck shares rose 0.8% on Tuesday morning.
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