Toyota Motor Corp. Chairman Akio Toyoda's ¥4.7 trillion ($31.3 billion) plan to buy out Toyota Industries Corp. has been pushed back as the antitrust approval process in several countries takes longer than expected

The tender offer, originally scheduled to begin in December, is now unlikely to start before February 2026. The take-private deal, announced in June, involves a real estate unit owned by Toyota group firms offering ¥16,300 per share, marking an 11% discount to Toyota Industries' closing price on Monday, according to a Bloomberg report.

Toyota Industries, the original company from which Toyota Motor later emerged, makes textile looms, forklifts, and vehicle parts. The deal, one of the world's biggest buyouts, is part of Toyoda's broader effort to tighten his family's grip on Japan's largest business group and simplify a complex parent-subsidiary structure long criticized in corporate governance circles.

Clearances have been obtained so far in Australia, Canada, Israel, and South Africa, while approvals in other jurisdictions remain pending. The company said all procedures are now expected to be completed by mid-January 2026 or later.

The proposed buyout has faced criticism from minority and institutional investors, who argue that it undervalues Toyota Industries and strengthens the Toyoda family's control over the group. Even so, the plan aligns with Japan's broader push to unwind the complex cross-shareholdings that have long linked the country's major conglomerates.

Japan's largest banks, including Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, will together lend ¥2.8 trillion to finance the deal. Akio Toyoda will personally invest ¥1 billion in a new holding company set up to privatize Toyota Industries. The entity will be majority-owned by Toyota Fudosan, an unlisted real estate firm chaired by Toyoda and regarded as the family's key investment arm.

Toyota's U.S.-listed stock has risen nearly 2% so far in 2025.

($1=150.30 yen)

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