Toyoda Taps Bankers for $42 Billion Toyota Industries Buyout

Toyota Motor Corp. Chairman Akio Toyoda’s ¥6 trillion ($42 billion) plan to buy out Toyota Industries Corp. is progressing, with the parties involved having picked financial advisers and working toward a tender offer as soon as November, people familiar with the matter said.

The special purpose vehicle established by Toyoda for the buyout is being advised by Nomura Holdings Inc., while Toyota Industries has appointed SMBC Nikko Securities Inc. as its adviser, the people said, asking not to be identified discussing private matters.