Toyota Motor explores $41 billion buyout of Toyota Industries

Toyota Industries Corp plans to accept a tender offer from Toyota Motor Corp and Chairman Akio Toyoda, with an announcement expected as early as May, Kyodo news agency reported Monday.

A Toyota spokesperson said the company is continuously evaluating the best approach regarding its holdings in Toyota Group shares but has made no decisions yet.

Last month, Bloomberg News reported that Toyota Motor Chairman Akio Toyoda proposed a potential acquisition of Toyota Industries in a deal valued at around 6 trillion yen ($41 billion).

Following that report, Toyota confirmed it was considering the buyout, which could reshape Japan’s most influential corporate group.