Toyota Industries (TYO:6201) has concluded a tender offer to repurchase shares in its subsidiary, AICHI CORPORATION (TYO:6345), a Saitama-based maker of mechanized vehicles, according to a Friday filing on the Tokyo Stock Exchange.
The transaction, which commenced on March 21 and closed on April 17, saw Toyota Industries tendering 40.5 million AICHI shares, of which 9.1 million were purchased by AICHI itself.
AICHI will no longer be a subsidiary of Toyota Industries effective May 14, marking the completion of the settlement process.
In line with the transaction, Toyota Industries, which holds a substantial stake in AICHI, will cease to be its parent company, with the settlement set to begin on May 14.
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