Toyota Industries Plunges on Unattractive Buyout Offer Amid Cross-Shareholding Unwinding
丰田工业股价因非公开收购要约缺乏吸引力暴跌 交叉持股结构解体引争议
丰田工业股价周三一度暴跌 13%，因丰田集团宣布以 4.7 万亿日元（330 亿美元）将其私有化的交易引发投资者不满。此次每股 16,300 日元的要约收购价，远低于交易宣布前周二 18,400 日元的收盘价，也低于独立财务顾问估值区间的中值。丰田早在 2005 年为抵御收购威胁而采用交叉持股结构。作为丰田汽车的母公司，丰田工业于 1937 年分拆出丰田汽车，目前业务涵盖叉车、发动机、电子零部件和冲压模具等。
Toyota Industries’ shares plummeted as much as 13% on Wednesday after Toyota Group unveiled a ¥4.7 trillion ($33 billion) deal to take the company private, with investors rejecting the ¥16,300-per-share tender offer—well below Tuesday’s ¥18,400 close and the midpoint of valuations from independent advisers. The move reflects growing pressure on Japanese firms to dismantle cross-shareholding structures, with the Financial Services Agency urging reductions in such arrangements.
Toyota originally used cross-shareholdings in 2005 to fend off takeover threats. The buyout includes a ¥26 billion tender offer, financed by a new holding company: Toyota Fudosan (¥180 billion), Chairman Akio Toyoda (¥1 billion), and Toyota Motor (¥700 billion in non-voting preferred shares), with loans from major Japanese banks. Analysts like Arun George criticized the “unattractive” offer, noting the special committee’s failed attempts to negotiate improvements.
While the deal signals Toyota Group’s intent to unwind cross-holdings, Neuberger Berman’s Kei Okamura sees long-term upside if proceeds fund growth and capital returns. Founded by Toyota Industries, Toyota Motor spun off in 1937, and the parent now produces forklifts, engines, and automotive components. The transaction also coincides with global auto tariff tensions, as U.S. threats of 25% import duties—potentially hitting Toyota Motor hard due to its U.S. exposure—loom over the industry.
