Toyota Industries Rally Sparks Gains in Possible Buyout Targets
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Toyota Motor Corp. Chairman Akio Toyoda’s reported plan to buy out Toyota Industries Corp. sparked price gains in other Japanese stocks that could receive similar offers.
Shares of Sumitomo Densetsu Co., an electric facilities builder whose parent Sumitomo Electric Industries Ltd. is also listed, jumped 9% in Tokyo on Monday. Kinden Corp., which is owned by Kansai Electric Power Co., jumped 12%.