The planned merger between parts of the truck group Daimler Truck and the Toyota subsidiary Hino in Asia has been delayed.
The final contract signing was actually planned for the end of March 2024, but the procedures surrounding competition approvals and the investigations in connection with Hino’s engine certification have not yet been completed, the DAX group and Toyota Motor announced on Thursday in Leinfelden-Echterdingen and Tokyo with. The schedule will therefore be extended. The companies want to give a new date for signing the contract when it is foreseeable.
Toyota is currently struggling with persistent problems with its subsidiaries. The small car brand Daihatsu in particular is at the center of attention because of irregularities in the built-in parts used. There is also trouble at the truck subsidiary Hino over incorrect data on exhaust gases and fuel consumption from diesel engines.
In view of upcoming high investments, Daimler Truck wants to merge large parts of its difficult Asian business with its competitor Toyota. The Daimler truck subsidiary Mitsubishi Fuso Truck and Bus is to merge with Hino in a holding company, as the companies announced in May last year. The company is to be listed on the Tokyo stock exchange, and a significant share will also go to external investors, while Daimler Truck and Toyota want to hold the same shares.
In XETRA trading, Daimler Truck shares temporarily rose by 0.61 percent to 37.69 euros.
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LEINFELDEN/ECHTERDINGEN/TOKYO (dpa-AFX)
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