Toyota-Subaru
Публикувано на: 09 Окт 2005 11:01
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GM Sells Entire Stake in Fuji Heavy to Toyota, Market (Update6)
Oct. 5 (Bloomberg) -- General Motors Corp. agreed to sell its holdings in Fuji Heavy Industries Ltd. for about $740 million, or less than half their value on GM's books, as it struggles with rising losses.
Toyota, GM's biggest competitor, will pay about $315 million in cash for 68 million shares, or 8.7 percent, of the maker of Subaru-brand cars, GM said in a statement today. GM, the world's biggest automaker, will sell 11.4 percent of Fuji Heavy, worth about $422 million at today's closing share price, on the market. The Fuji stake had been valued at $1.5 billion, the automaker said.
GM is raising cash after posting $1.4 billion in losses in the first half, losing its investment grade rating in May and as its largest supplier, Delphi Corp., asks for help to stave off bankruptcy. The company faces further losses as consumers opt for vehicles from Toyota, whose market value is worth more than GM, Ford Motor Co. and DaimlerChrysler AG combined.
``It's surprising how fast GM is selling off the family silver,'' said Graeme Maxton, a director of the Economist Intelligence Unit in Hong Kong. ``It rings alarm bells.''
GM owns 157 million shares, or about a 20 percent stake, in Fuji Heavy. GM also owns a 20 percent stake in Suzuki Motor Corp. and a 8.4 percent stake in Isuzu Motors Ltd. Both companies declined to comment.
GM said it will restate second-quarter earnings to reflect a reduction of between $700 million and $800 million in the value of its holdings in Fuji Heavy. It expects the sale to be completed in the fourth quarter.
Fuji's Technology
A stake in Fuji Heavy will give Toyota access to the company's technology for batteries which can be used in hybrid gasoline-electric cars. Toyota aims to boost production of hybrids to 1 million by the early part of next decade. It sold 134,700 hybrids last year.
Toyota and Fuji Heavy plan to cooperate in ``vehicle development and production'', Toyota Executive Vice President Mitsuo Kinoshita said. Toyota will use Fuji Heavy's ``various advanced technologies,'' he said, declining to elaborate, adding Toyota has no plans to increase its stake.
Hybrids such as Toyota's Prius and Honda's Civic are equipped with nickel hydride batteries made by Panasonic EV Energy Co. Fuji Heavy's Chief Executive Officer Kyoji Takenaka has said his company's manganese lithium-ion batteries last longer than Panasonic's nickel hydride batteries and handle temperature extremes better.
Win-Win
``Toyota is not the kind of company that will buy shares without a business purpose,'' said Atsushi Osa, who helps manage $110 billion at Sumitomo Mitsui Asset Management Co. in Tokyo. ``It will gain from investing in Fuji Heavy if it gets technology that it doesn't have such as Fuji Heavy's batteries for hybrids and airplane technology.''
Tighter government restrictions on vehicle emissions and higher fuel prices are boosting demand for hybrids. Toyota has sold a record 106,978 hybrids in the U.S. so far this year, more than the 2004 total for all carmakers.
``The alliance will be a win-win for Toyota and Fuji Heavy,'' said Koji Endo, an analyst at Credit Suisse First Boston in Tokyo. ``Toyota and Subaru buyers don't overlap, so it's one of the best matches.''
Fuji Heavy said it will buy back about 90 million of its shares on the market, paying as much as 57.6 billion yen and hold them as treasury stock. It will buy its shares on the market on Oct. 6, 7 and 11, it said in a statement. Toyota will pay about 520 yen a share for its stake in Fuji Heavy.
Fuji Heavy said it will have a one-time charge of 5 billion yen from canceling the development of a cross-over vehicle with GM's Saab unit. Fuji Heavy lowered its earnings outlook for the full year to a profit of 12 billion yen from an earlier forecast of a 15 billion yen profit.
Not Enough Projects
``We've had a good partnership,'' said Troy Clarke, president of GM Asia Pacific in a statement. ``There were not enough collaborative projects to sustain the alliance.''
GM's shares have fallen 25 percent so far this year and declined 3.1 percent to $30.08 yesterday in New York. Toyota's shares have risen 26 percent so far this year and fell 0.9 percent today to 5,250 yen in Tokyo. Fuji Heavy's shares have risen about 8 percent so far this year and gained 2.3 percent today to 540 yen.
GM's largest parts supplier, Delphi, may declare bankruptcy this week, the New York Times reported today. The parts maker is asking GM, its former parent, for $6 billion in aid, people familiar with the situation said earlier last week.
Fuji Heavy generates about 90 percent of sales from its automobile business. The other 10 percent comes from Fuji Heavy's aircraft, industrial machinery and other units. The company, set up in 1917 as an aircraft maker, is expanding its aerospace and aircraft business to supply parts for Boeing Co.'s new 787 aircraft.
GM Sells Entire Stake in Fuji Heavy to Toyota, Market (Update6)
Oct. 5 (Bloomberg) -- General Motors Corp. agreed to sell its holdings in Fuji Heavy Industries Ltd. for about $740 million, or less than half their value on GM's books, as it struggles with rising losses.
Toyota, GM's biggest competitor, will pay about $315 million in cash for 68 million shares, or 8.7 percent, of the maker of Subaru-brand cars, GM said in a statement today. GM, the world's biggest automaker, will sell 11.4 percent of Fuji Heavy, worth about $422 million at today's closing share price, on the market. The Fuji stake had been valued at $1.5 billion, the automaker said.
GM is raising cash after posting $1.4 billion in losses in the first half, losing its investment grade rating in May and as its largest supplier, Delphi Corp., asks for help to stave off bankruptcy. The company faces further losses as consumers opt for vehicles from Toyota, whose market value is worth more than GM, Ford Motor Co. and DaimlerChrysler AG combined.
``It's surprising how fast GM is selling off the family silver,'' said Graeme Maxton, a director of the Economist Intelligence Unit in Hong Kong. ``It rings alarm bells.''
GM owns 157 million shares, or about a 20 percent stake, in Fuji Heavy. GM also owns a 20 percent stake in Suzuki Motor Corp. and a 8.4 percent stake in Isuzu Motors Ltd. Both companies declined to comment.
GM said it will restate second-quarter earnings to reflect a reduction of between $700 million and $800 million in the value of its holdings in Fuji Heavy. It expects the sale to be completed in the fourth quarter.
Fuji's Technology
A stake in Fuji Heavy will give Toyota access to the company's technology for batteries which can be used in hybrid gasoline-electric cars. Toyota aims to boost production of hybrids to 1 million by the early part of next decade. It sold 134,700 hybrids last year.
Toyota and Fuji Heavy plan to cooperate in ``vehicle development and production'', Toyota Executive Vice President Mitsuo Kinoshita said. Toyota will use Fuji Heavy's ``various advanced technologies,'' he said, declining to elaborate, adding Toyota has no plans to increase its stake.
Hybrids such as Toyota's Prius and Honda's Civic are equipped with nickel hydride batteries made by Panasonic EV Energy Co. Fuji Heavy's Chief Executive Officer Kyoji Takenaka has said his company's manganese lithium-ion batteries last longer than Panasonic's nickel hydride batteries and handle temperature extremes better.
Win-Win
``Toyota is not the kind of company that will buy shares without a business purpose,'' said Atsushi Osa, who helps manage $110 billion at Sumitomo Mitsui Asset Management Co. in Tokyo. ``It will gain from investing in Fuji Heavy if it gets technology that it doesn't have such as Fuji Heavy's batteries for hybrids and airplane technology.''
Tighter government restrictions on vehicle emissions and higher fuel prices are boosting demand for hybrids. Toyota has sold a record 106,978 hybrids in the U.S. so far this year, more than the 2004 total for all carmakers.
``The alliance will be a win-win for Toyota and Fuji Heavy,'' said Koji Endo, an analyst at Credit Suisse First Boston in Tokyo. ``Toyota and Subaru buyers don't overlap, so it's one of the best matches.''
Fuji Heavy said it will buy back about 90 million of its shares on the market, paying as much as 57.6 billion yen and hold them as treasury stock. It will buy its shares on the market on Oct. 6, 7 and 11, it said in a statement. Toyota will pay about 520 yen a share for its stake in Fuji Heavy.
Fuji Heavy said it will have a one-time charge of 5 billion yen from canceling the development of a cross-over vehicle with GM's Saab unit. Fuji Heavy lowered its earnings outlook for the full year to a profit of 12 billion yen from an earlier forecast of a 15 billion yen profit.
Not Enough Projects
``We've had a good partnership,'' said Troy Clarke, president of GM Asia Pacific in a statement. ``There were not enough collaborative projects to sustain the alliance.''
GM's shares have fallen 25 percent so far this year and declined 3.1 percent to $30.08 yesterday in New York. Toyota's shares have risen 26 percent so far this year and fell 0.9 percent today to 5,250 yen in Tokyo. Fuji Heavy's shares have risen about 8 percent so far this year and gained 2.3 percent today to 540 yen.
GM's largest parts supplier, Delphi, may declare bankruptcy this week, the New York Times reported today. The parts maker is asking GM, its former parent, for $6 billion in aid, people familiar with the situation said earlier last week.
Fuji Heavy generates about 90 percent of sales from its automobile business. The other 10 percent comes from Fuji Heavy's aircraft, industrial machinery and other units. The company, set up in 1917 as an aircraft maker, is expanding its aerospace and aircraft business to supply parts for Boeing Co.'s new 787 aircraft.