[1/2] Employees wearing protective face masks work on the automobile assembly line as the maker ramps up car production with new security and health measures as a step to resume fully operation, during the outbreak of the coronavirus disease (COVID-19), at Kawasaki factory of Mitsubishi Fuso Truck and…
TOKYO, May 30 (Reuters) – Daimler Truck Holding AG (DTGGe.DE) and Toyota Motor Corp (7203.T) said on Tuesday they had entered a non-binding agreement to combine the businesses of their truck units in Japan.
Under the memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors Ltd (7205.T) would be combined under a holding company, they said in a statement.
The shares of the new company are expected to be listed on the Prime Market of the Tokyo Stock Exchange.
The companies expect to sign a definitive agreement in the first quarter of 2024 and close the transaction by the end of next year, they said.
The heads of the four companies will hold a joint press conference in Tokyo at 4:30 p.m. (0730 GMT).
Reporting by Satoshi Sugiyama
Editing by Chang-Ran Kim
Our Standards: The Thomson Reuters Trust Principles.