US EditionToyota chairman re-elected against backdrop of $33 billion buyout bid
- Toyota Motor Chairman Akio Toyoda was re-elected to the board in 2024 with 72% shareholder backing, down from 85% in previous years.
- Toyoda’s support decline follows scrutiny over governance and a $33 billion take-private bid by Toyota Motor for its supplier, Toyota Industries.
- The complex transaction includes a 16,300 yen per share offer and investments from Toyota Motor, Toyota Fudosan, and Toyoda totaling over 880 billion yen.
- Critics, including London-based Zennor Asset Management and Hong Kong’s Oasis Management, raised concerns about minority shareholder treatment and pushed for higher bids.
- The deal is intended to strengthen cooperation within the Toyota Group, while Toyoda cautioned in a recent interview that his position on the board may be jeopardized should shareholder backing decline further.
17 Articles
17 Articles
Toyota Chair Reclaims Support After Scandals That Hurt Last Vote
Toyota Motor Corp. Chairman Akio Toyoda’s reelection garnered almost 97% of voted shares during the carmaker’s annual meeting, marking a comeback from the record low he saw after a series of regulatory scandals led investors to question the business group’s leadership.
The focus is on Akio Toyoda, president of Toyota Motor, as the annual shareholders meeting scheduled for this Thursday approaches. According to the original report, it is not the first time that the grandson of the founder of the auto giant navigates critical opinions, and this time the reflectors are in a $33 billion agreement to privatize a major supplier. This meeting, which will begin at 10:00 a.m. (0100 GMT), represents the first time in th…
Toyota chair to face scrutiny over $33bn deal at shareholder meeting
Toyota Motor chair Akio Toyoda is likely to face scrutiny over a $33bn (R584.37bn) take-private deal of a key supplier when shareholders assemble for the Japanese carmaker's annual general meeting on Thursday.
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