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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Chinese FAW Group's talks to acquire Iveco held this year now on hold - sources

09/29/2020 | 05:12am EST
The logo of FAW Group car brand Hongqi, Chinese for Red Flag, is pictured at its booth during the Auto China 2016 auto show in Beijing

Chinese state-owned car maker FAW Group held talks to acquire Italian truck group Iveco earlier this year but these have now been put on hold, two people close to the matter said.

FAW made a preliminary offer in July, valuing Iveco at a bit more than 3 billion euros ($3.5 billion), one of the sources said. The source said Iveco's parent CNH Industrial rebuffed it because it considered the valuation low.

Changchun-based FAW, which makes heavy duty trucks under its own brand, is now reluctant to make international deals so as not to be seen to take advantage of troubled companies during the COVID-19 pandemic, the second source said. Some European governments have sought to shield key industries from unwanted foreign interest this year, as the coronavirus pandemic hit companies across sectors.

Vehicle and equipment maker CNH Industrial said last year it planned to split the company into two and list its lower-margin Iveco truck and bus business, along with the FPT engine division, in an effort to boost the group's asset values and streamline its businesses but the plans have been delayed.

FAW, which also partners with Volkswagen AG and Toyota Motor to make passenger vehicles in China, declined to comment. CNH Industrial also declined to comment.

Iveco, which is the smallest of Europe's traditional truck makers, competes with the likes of Volkswagen, Daimler and Volvo Group. It makes vans in China with state-owned SAIC Motor.

A sale of Iveco would be an alternative to the planned spin-off initially aimed to be finalised in early 2021, but which has been delayed "into next year or beyond" due to the fallout of the coronavirus crisis, CNH Industrial said.

CNH industrial's top shareholder Exor, the holding company of Italy's Agnelli family, has said it would be a significant shareholder in both entities following completion of a spin-off process. It declined to comment on the story.

($1 = 0.8581 euros)

By Arno Schuetze, Julie Zhu and Yilei Sun


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO -1.79% 194.85 Delayed Quote.26.45%
CNH INDUSTRIAL N.V. -1.12% 11.045 Delayed Quote.1.64%
DAIMLER AG -0.09% 57.49 Delayed Quote.16.55%
EXOR N.V. 0.00% 59.44 Delayed Quote.-13.95%
FPT CORPORATION 0.72% 55600 End-of-day quote.9.67%
SAIC MOTOR CORPORATION LIMITED -2.98% 25.71 End-of-day quote.7.80%
TOYOTA INDUSTRIES CORPORATION 2.24% 7750 End-of-day quote.22.43%
TOYOTA MOTOR CORPORATION 0.87% 7079 End-of-day quote.-8.23%
VOLKSWAGEN AG -0.39% 146.78 Delayed Quote.-16.39%
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Financials
Sales 2021 25 573 B 245 B 245 B
Net income 2021 1 345 B 12 865 M 12 865 M
Net Debt 2021 16 192 B 155 B 155 B
P/E ratio 2021 14,6x
Yield 2021 3,15%
Capitalization 19 793 B 189 B 189 B
EV / Sales 2021 1,41x
EV / Sales 2022 1,29x
Nbr of Employees 359 542
Free-Float 62,1%
Chart TOYOTA MOTOR CORPORATION
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Technical analysis trends TOYOTA MOTOR CORPORATION
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 7 936,11 JPY
Last Close Price 7 079,00 JPY
Spread / Highest target 32,8%
Spread / Average Target 12,1%
Spread / Lowest Target -22,3%
EPS Revisions
Managers
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Kenta Kon Chief Financial Officer
Seiji Sakai Manager-Information Systems & IT Management
Masahito Maeda Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
TOYOTA MOTOR CORPORATION-8.23%188 012
VOLKSWAGEN AG-16.39%94 002
DAIMLER AG16.55%74 203
GENERAL MOTORS COMPANY22.08%63 951
BMW AG2.24%58 116
HONDA MOTOR CO., LTD.-6.44%47 987