Toyota Purchasing Fuji stake
Toyota Motor Corp. is set to acquire a 10-percent stake in fellow Japanese automaker Fuji Heavy Industries Ltd. from U.S. rival General Motors Corp. GM acquired its Fuji Heavy stake in December 1999.
With the acquisition, Toyota will become the company`s top shareholder. Meanwhile, Fuji Heavy President Kyoji Takenaka and Toyota Executive Vice President Mitsuo Kinoshita announce a business partnership with Fuji Heavy Wednesday.
GM has been struggling to cope with huge pension and health-care liabilities, as well as declining U.S. sales. Analysts say this may have prompted GM to sell its stake.
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