Toyota, Daimler truck units to combine operations under holding company (updated)

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30/05/2023 07:36

(Recasts with announcement from companies)
       TOKYO, May 30 (Reuters) - 
    Daimler Truck Holding AG  DTGGe.DE  and Toyota Motor Corp
 7203.T  said on Tuesday they had entered a non-binding
agreement to combine the businesses of their truck units in
Japan.
  
        Under the memorandum of understanding (MOU), the
businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp
and Toyota subsidiary Hino Motors Ltd  7205.T  would be combined
under a holding company, they said in a statement.
  
        The shares of the new company are expected to be listed
on the Prime Market of the Tokyo Stock Exchange.
  
    The companies expect to sign a definitive agreement in the
first quarter of 2024 and close the transaction by the end of
next year, they said.
        The heads of the four companies will hold a joint press
conference in Tokyo at 4:30 p.m. (0730 GMT).
  

 (Reporting by Satoshi Sugiyama
Editing by Chang-Ran Kim)
 ((ran.kim@thomsonreuters.com; +81-3-4520-1228;))