Akio Toyoda Defends Toyota Industries Buyout (Correct)

The proposed buyout of Toyota Industries Corp. by an entity backed by group companies isn’t designed to be a takeover by the founding family, Akio Toyoda said, pushing back against criticism by investors and analysts who say the plan hands over too much control at a steep discount.

“It’s not about the logic of capital or anything like that,” Toyoda, chairman of Toyota Motor Corp.and grandson of the carmaker’s founder, said in an online video posted Friday by its media outlet, Toyota Times. He denied that the plan, announced earlier this week, was an attempt by his clan to ...