Published Tue, Feb 3, 2026 · 04:39 PM
[TOKYO] Toyota Industries, the group company at the centre of a contentious buyout, said profit grew even as the impact of US tariffs on Japanese carmakers started to flow through to their suppliers.
Third-quarter operating income was 48.5 billion yen (S$395.7 million), the company said on Tuesday (Feb 3). It kept in place its 100 billion yen guidance for the fiscal year ending March 31, below analyst estimates of 170 billion yen.
This could be Toyota Industries last fiscal year as a publicly listed company as it is the subject of a take-private proposal from the Toyota group. The deal faces strong opposition from US Elliott Investment Management, which said it will not tender its 6.7 per cent stake in Toyota Industries, and urged other shareholders to resist the proposal.
The US activist fund said Toyota Industries is worth at least 26,000 yen a share – considerably higher than the group’s revised offer of 18,800 yen per share. In its latest statement, released earlier Tuesday, Elliott said the latest offer still “very significantly undervalues” the company, which makes textile looms and forklifts.
Toyota Industries was trading at 19,320 yen in Tokyo on Tuesday.
The tender period runs until Feb 12, after which, if successful, Toyota Industries would fall under the control an unlisted real estate firm called Toyota Fudosan, which is chaired by Akio Toyoda, who also leads the board of Toyota Motor and is the grandson of the carmaker’s founder. BLOOMBERG
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