Akio Toyoda Plans $33 Billion Buyout Bid to Tighten Grip on Toyota’s Founding Firm

Toyota Industries Corp., the original company that brought forth the world’s biggest carmaker, will be privatized for ¥4.7 trillion ($33 billion) by a group led by Akio Toyoda — a move that could hand the founding family a stronger grip on Japan’s biggest business empire for significantly less than its current market value.

The proposal includes a tender offer of ¥16,300 for each share of Toyota Industries, supplier of textile looms, forklifts and vehicle parts. That represents an 11% discount to the company’s closing price on Tuesday. The country’s top banks — Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. — will together lend ¥2.8 trillion to the acquisition company to support the buyout.