The planned merger of Daimler Truck and Toyota's Japanese truck subsidiaries appears to be nearing completion.
The two corporations have signed the definitive agreement to merge Mitsubishi Fuso and Hino Motors, Daimler Truck announced on Tuesday.
According to the companies, Japanese truck makers Fuso and Hino will merge as equals under a new publicly listed holding company, with Daimler Truck and Toyota each holding a 25 percent stake. The holding will be led by Karl Deppen, the current head of Mitsubishi Fuso. Further details will be announced in the coming months.
Daimler Truck and Toyota first announced the merger of their subsidiaries two years ago, describing it as a merger of equals. By pooling their resources, the companies aim to address the high costs associated with developing environmentally friendly drivetrains.
(Reporting by Hakan Ersen, edited by Myria Mildenberger. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for business and markets).
