공지 • Apr 03
Hino Motors, Ltd. (TSE:7205) completed the acquisition of Mitsubishi Fuso Truck and Bus Corporation from group of sellers.
Hino Motors, Ltd. (TSE:7205) concluded a Memorandum of Understanding to acquire Mitsubishi Fuso Truck and Bus Corporation from group of sellers for ¥1.8 billion on May 30, 2023. As on June 10, 2025, Parties announced the conclusion of Definitive Agreements to integrate Mitsubishi Fuso and Hino on equal footing. Equity Value Ratio of the Company and MFTBC is 1.7 per share for evary one share of Mitsubishi Fuso Truck and Bus Corporation. The sellers in the transaction are Daimler Truck AG, MUFG Bank, Ltd, Mitsubishi Heavy Industries Ltd, Mitsubishi Corporation, Tokio Marine & Nichido Fire Insurance Co., Ltd, Meiji Yasuda Life Insurance, Mitsubishi UFJ Trust and Banking Corporation, AGC Inc., Nippon Yusen Kabushiki Kaisha, Mitsubishi Electric Corporation and Mitsubishi Materials Corporation. signing of definitive agreements is expected to happen in the first quarter of 2024. Mitsubishi Fuso Truck and Bus Corporation reported Net sales of ¥699.3 billion, Total assets worth ¥504.9 billion, Total common equity worth ¥243.8 billion and EBIT of ¥17.9 million as of December 31, 2023. The transaction is subject to approval by the boards of directors, shareholders and regulatory authorities. The transaction is expected to close by the end of 2024. As of February 29, 2024, the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to Hino Motors' engine certification issues, are still ongoing and as such the original schedule for the transaction has been extended. Daimler Truck and Toyota will each aim to own 25% of the (listed) holding company of the integrated Mitsubishi Fuso and Hino, Aiming for new listed holding company to start operations in April 2026, The intention is to list the holding company on the Prime Market of the Tokyo Stock Exchange, Further details on the scope and nature of the collaboration, including the name of the new holding company, are intended to be announced over the coming months. After the execution of the MOU, the Company consulted the Special Committee again regarding the execution of the Business Integration Agreement and the implementation of the Business Integration. The deal will proceed to closing subject to approval from the relevant boards, shareholders and authorities. All directors of the Company excluding Jun Nagata attended the Company’s Board of Directors meeting held today and all members in attendance deliberated on and resolved to approve the execution of the Business Integration Agreement. Effective date of the Business Integration will be on April 1, 2026. As of February 26, 2026, Hino Motors received from the Japan Fair Trade Commission a “notice stating that the Japan Fair Trade Commission will not issue a cease and desist order” conditional upon the implementation of remedial measures. Hino Motors, MFTBC, Toyota, and Daimler Truck will continue to proceed with preparations toward the Business Integration scheduled for April 1, 2026.
BofA Securities acted as financial advisor for Daimler Truck. Kohei Koikawa, Atsushi Mizushima and Yotaro Takayama of Nishimura & Asahi acted as legal advisor to Toyota Motor Corporation, parent of Hino Motors, Ltd. (TSE:7205). Nomura Securities acted as a financial advisor and fairness opinion provider to Hino Motors, Nagashima Ohno & Tsunematsu as a legal advisor to Hino Motors. Prof. Dr. Michael Arnold, Dr. Vera Rothenburg Hanna Rogg and Dr. Nikolai Unmuth of Gleiss Lutz acted as legal advisor to the supervisory board of Daimler Truck Holding AG.
Hino Motors, Ltd. (TSE:7205) completed the acquisition of Mitsubishi Fuso Truck and Bus Corporation from group of sellers on April 1, 2026.