TOKYO — Toyota Motor unit Hino Motors and Mitsubishi Fuso Truck and Bus, a subsidi of Germany’s Daimler Truck, reached a definitive merger agreement, the companies announced on Tuesday, aiming to improve business efficiency as their industry is pushed to lower its carbon emissions.
Under the agreement, a holding company, in which Toyota and Daimler Truck will each hold 25% stakes, will wholly own Hino and Mitsubishi Fuso. The companies will start operating under the new structure next April. The holding company plans to be listed on the Prime Market of the Tokyo Stock Exchange.
