Toyota chairman proposes $42 billion acquisition of Toyota Industries, Bloomberg reports
TOKYO (Reuters) -Toyota Motor Chairman Akio Toyoda has proposed acquiring supplier Toyota Industries in a possible 6 trillion yen ($42 billion) deal, Bloomberg News reported on Friday, in what would mark a pivotal buyout for Japan Inc and reshape its most powerful corporate group. Toyota Industries, which makes parts for the automaker, has formed a special committee after receiving the proposal and has hired advisers to examine the offer, Bloomberg said, citing people familiar with the matter. If executed, the deal would give Toyoda, the grandson of the automaker's founder, full control of a major firm in the sprawling Toyota group.