Toyota to take over Daihatsu

TOKYO: Toyota Motor Corp said on Friday it would buy out the rest of minivehicle maker Daihatsu Motor Co, a move that will help it better leverage the lower-cost brand.

The world´s largest automaker currently owns 51.2 percent of Daihatsu, which had the weakest sales performance in the Toyota group last year, lagging behind the Toyota and Lexus brands and truck maker Hino Motors Ltd.

Toyota will acquire the remaining Daihatsu shares by swapping 0.26 of its own shares for each Daihatsu share, the companies said on Friday. Daihatsu shares will be delisted after July 26, they said.