By Pierre Bertrand

Daimler Truck and Toyota Motor have entered into a legally non-binding memorandum of understanding Tuesday with the intent to combine their respective group companies, Mitsubishi Fuso Truck and Bus Corporation and Hino Motors.

Mitsubishi Fuso Truck and Bus Corporation and Hino Motors would be grouped together under a holding company whose shares are to be listed on the Prime Market of the Tokyo stock exchange, Daimler said.

"The strategic objective of this intended transaction is to join the capabilities of both MFTBC and Hino to drive the transformation of the commercial vehicle industry, benefiting from the support of strong shareholders," Daimler said.

Daimler Truck and Toyota Motor will have equal shareholding in the new company with a "substantial share" of external shareholders. Exact details of the transaction and of the corporate structure of the new company are to be agreed later in legally-binding definitive agreements, Daimler said.

Daimler said that it and Toyota envisage the signing of definitive agreements in the first quarter of 2024 and the closing of the transaction by end of 2024.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

May 30, 2023 02:47 ET (06:47 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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