Toyota buys another chunk of FHI, Subaru

Back in April, Toyota announced that it would be gobbling up a larger percentage of Fuji Heavy Industries, makers of the Subaru brand of vehicles. Today, that deal has been made official as Fuji announced the sale that increases Toyota's voting rights in the automaker to 16.16 percent from 9.50 percent. This deal had been made possible by a newly revised Japanese law that went into effect last year. Toyota had initially purchased about nine-percent share of the company from General Motors, which no longer owns any part of Fuji Heavy.
According to reports, Toyota paid about a ten-percent premium for the increased share, as well. Its total outlay of cash for the new shares is 31.11 billion yen ($291.1 million), for which it receives 61 million additional treasury stocks. Here's hoping that this new deal ushers in the upcoming new AE86 all the more quickly.

[Source: Thomson Financial News via Straightline]

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