Shares in a swath of companies surged in Tokyo on Monday after a $42bn plan to take car parts maker Toyota Industries private triggered hopes of a wider overhaul of Japan’s corporate landscape.
Akio Toyoda, grandson of Toyota’s founder, is leading the buyout proposal, according to people close to the discussions, which has prompted shares to soar in numerous other companies linked to the carmaker.
Investors are placing bets on subsidiaries and affiliates that they think might also come under pressure to change their ownership relationship in the coming years. Aichi Steel shares rose 16 per cent, while others including Daihatsu Diesel, Toyoda Gosei and Aisin rose between 3 and 6 per cent.
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