2025-06-03-Bernstein-丰田工业公司（6201）_快讯_重磅_丰田工业收购交易已宣布-但此次收购真的会发生吗_14页_890kb

Toyota Industries Corporation is involved in a potential buyout deal announced on June 3, 2025, led by Toyota Fudosan. The offer price of ¥16,300 per share is below the current closing price of ¥18,400, raising uncertainty about deal completion. The deal structure involves establishing a holding company and a special purpose company (SPC), with Toyota contributing ¥700 billion in non-voting preferred shares and banks providing ¥2.8 trillion in funding for a ~75% share tender. Akio Toyoda will invest ¥1 billion afterward, and TICO will unwind its stakes in affiliates. Implications include a net cash inflow for Toyota of ¥300 billion and progress in corporate governance reforms. Ratings are Outperform for Toyota Industries with a price target of ¥18,750, and Market-Perform for Toyota, Denso, and Aisin with respective targets of ¥2,600, ¥1,900, and ¥1,350. Key risks include delays in cross-shareholding unwinding and demand changes.