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

TOYOTA MOTOR CORPORATION

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PSA offers to boost Toyota to win EU okay for Fiat deal - sources

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09/25/2020 | 12:12pm EDT

(Adds sources on concessions, Fiat and PSA statement, Commission comment)

BRUSSELS/MILAN, Sept 25 (Reuters) - Peugeot maker PSA has offered to boost Japanese rival Toyota to try to address EU antitrust concerns about its plan to create the world's fourth-biggest carmaker with Fiat Chrysler (FCA), people familiar with the matter said on Friday.

PSA has offered to increase the production capacity for Toyota in their van joint venture, one of the sources said. Another source said the French company would sell the vans at close to cost price.

PSA makes vans for Toyota in its Sevelnord plant in northern France. The van collaboration started in 2012.

PSA submitted its offer to the European Commission earlier on Friday, three months after the EU enforcer opened a full-scale investigation into the deal with FCA on concerns that it would hurt competition in small vans in 14 EU countries and Britain.

"As of now, the transaction has obtained merger clearance in fourteen jurisdictions. As previously stated, closing of the transaction is expected to occur in the first quarter of 2021," PSA and FCA said in a joint statement.

The Commission, which temporarily halted its investigation into the deal in July while waiting for the companies to provide requested data, did not set a deadline for its decision.

"The deadline is still suspended. This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them," the EU executive said.

It is now expected to seek feedback from customers and rivals before deciding whether to demand more concessions, or either clear or block the deal. (Reporting by Foo Yun Chee, editing by Louise Heavens and Mark Potter)


Stocks mentioned in the article
ChangeLast1st jan.
FIAT CHRYSLER AUTOMOBILES N.V. -0.67% 10.706 Delayed Quote.-18.31%
PEUGEOT SA -0.62% 15.955 Real-time Quote.-25.09%
TOYOTA INDUSTRIES CORPORATION 1.04% 6770 End-of-day quote.6.95%
TOYOTA MOTOR CORPORATION 1.62% 7009 End-of-day quote.-9.14%
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Financials
Sales 2021 25 186 B 241 B 241 B
Net income 2021 1 200 B 11 463 M 11 463 M
Net Debt 2021 16 268 B 155 B 155 B
P/E ratio 2021 16,4x
Yield 2021 3,09%
Capitalization 19 597 B 187 B 187 B
EV / Sales 2021 1,42x
EV / Sales 2022 1,27x
Nbr of Employees 359 542
Free-Float 62,1%
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Technical analysis trends TOYOTA MOTOR CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 7 758,33 JPY
Last Close Price 7 009,00 JPY
Spread / Highest target 34,1%
Spread / Average Target 10,7%
Spread / Lowest Target -21,5%
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
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