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Toyota Motor Corp has agreed to buy 8.7% of the shares General Motors Corp in Japanese automaker Fuji Heavy Industries ltd. The purchase by Toyota will make it to the top shareholder in Fuji Heavy Industries, said Toyota executive VP Mitsuo Kinoshita and Fuji Heavy president Kyoji Takenaka. General Motors Corp of the United States will sell its remaining 11.4% of Fuji ,which makes Subaru cars, in the market. GM and Fuji agreed to dissolve their alliance and capital relationship. Toyota and Fuji are setting up a steering committee to try to reach an agreement on future collaboration as soon as posssible ,the companies said. Toyota has been on a roll lately, gearing up sales in North America, Europe, and other parts of Asia and recording booming profits. GM,based in Detroit, has been in trouble losing, $1.1 billion in the first quarter. GM and Toyota share environmental technology, and they run a car assembly plant in California together.
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| Posted : 11/22/2005 |
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