Toyota Stock Climbs Higher as Elliott Ramps Up Stake in Key $31B Subsidiary
Toyota's stock rose as Elliott Investment Management increased its stake in Toyota Industries to over 5%. Elliott spent $1.7 billion on the stake, aiming for investment and shareholder proposals. The move follows Toyota's plan to take the subsidiary private in a $31 billion deal, criticized for lack of transparency. Elliott's stake makes it a major shareholder, amid Toyota's efforts to expand family control. Toyota Industries, founded by Sakichi Toyoda, produces forklift trucks and vehicle parts.