Toyota to buy Fuji Heavy shares from GM-media
Wed Oct 5, 2005 2:46 AM ET
TOKYO, Oct 5 (Reuters) - Toyota Motor Corp. (7203.T: Quote, Profile, Research) will buy shares in Japanese auto maker Fuji Heavy Industries Ltd. (7270.T: Quote, Profile, Research) from General Motors Corp. (GM.N: Quote, Profile, Research), Japanese national broadcaster NHK reported on Wednesday.
The report came minutes after Toyota said it would hold a news conference to announce a basic agreement between it and Subaru car maker Fuji Heavy on a business tie-up. The two companies will jointly brief the press at 6:30 p.m. (0930 GMT) in Tokyo, Toyota said. Fuji Heavy President Kyoji Takenaka and Toyota Executive Vice President Mitsuo Kinoshita will attend.
GM owns 20 percent of Fuji Heavy.
I tell you Toyota is taking over the world.
http://today.reuters.com/investing/finance...A-FUJIHEAVY.XML
Big? Nah... just another retarded move by GM. What else is new... :rolleyes:
any word on what will happen to the Sabaru?
Laterz :)
K_OS,Oct 5 2005, 06:42 AM Wrote:any word on what will happen to the Sabaru?
Laterz :)
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No but here is an interesting read below. US Subaru dealers tried to sue Fuji about the Saabaru and lost:
- United States Court of Appeals Affirms District of New York's dismissal of Claim Brought by Subaru Distributors Against Subaru of America, Fuji Heavy Industries, General Motors Corp., SAAB Automobile AB and SAAB Cars USA in Dispute Over 'Rebadged' Cars -
NEW YORK, Sept. 30 /PRNewswire/ -- King & Spalding LLP, a leading international law firm, represented General Motors Corporation, SAAB Automobile AB and SAAB Cars USA in securing an important victory for the automotive industry on September 21 when the U.S. Court of Appeals for the Second Circuit affirmed a ruling by the United States District Court for the Southern District of New York dismissing a claim brought by Subaru Distributors against Subaru of America, Fuji Heavy Industries, General Motors Corp., SAAB Automobile AB and SAAB Cars USA. Subaru Distributors brought suit against the automotive companies to enjoin the sale of "rebadged" cars, those allegedly manufactured from designs used for Subaru models.
Last week's ruling reaffirmed the District of New York's ruling that Subaru distributors failed to state a claim and does not hold exclusive distribution rights to non-Subaru brand vehicles not distributed through Subaru of America.
"This is a significant win for the automobile industry," said Dwight Davis, lead partner to the King & Spalding team. "The decision against Subaru Distributors reaffirms the integrity of the industry and its position in the manufacturing and marketing of vehicles in our economy. We are honored to have assisted our clients achieve this victory."
Subaru Distributor's complaint alleged that since 1969, Subaru of America has had a contract with Fuji, manufacturer of the Subaru vehicles, granting Subaru of America the exclusive right to distribute certain Subaru brand products in the United States. In 1975, Subaru of America entered a Distribution Agreement with Subaru Distributors, granting Subaru Distributors the exclusive right to distribute Subaru brand vehicles, parts and accessories in New York state and northern New Jersey.
In addition, after acquiring stake in Fuji, General Motors announced in 2000 that it had entered a "technical alliance" with Fuji. In 2003, GM and SAAB introduced the SAAB 9-2, which would be manufactured by Fuji. According to Subaru Distributors' complaint, Fuji agreed to sell SAAB and GM an automobile substantially similar to the Subaru wagons that would allow SAAB to compete against Subaru in Subaru Distributors' geographic territory. Subaru Distributors alleged that Subaru of America acquiesced to this plan.
Toyota will own the world over the next 40 years.
Trust me.
For K_OS:
The 2006 9-2x will be availble since production has already started but that is likely it. There was to be a Subaru based 9-6x crossover (in 2007?) as well but that has been definately canned. Saab does of course have the GMC Envoy based 9-7x already.
Read this this morning on blueovalnews, toyota is takin over :angry: Fackers
LOL now the next wrx will look like a camry :lol:
At least it'll look better than the POS they've made it now
I'd still take a Legacy any day. But better for Subaru that it's owned by Toyota. Once word of this becomes common knowledge, watch those cars get even more expensive :blink:
2001 ZTS,Oct 5 2005, 08:03 AM Wrote:For K_OS:
The 2006 9-2x will be availble since production has already started but that is likely it. There was to be a Subaru based 9-6x crossover (in 2007?) as well but that has been definately canned. Saab does of course have the GMC Envoy based 9-7x already.
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Ho well hopefully there will be a few to buy 2nd hand when I start looking for my next car, I love the way they mated the looks of the Saab and with Subaru's bullet proof AWD you can't go wrong.
Laterz :)
anyone remember Tokyo Breakfast
"Motherfucking fuji Heavy industries is one unpredictable N-----"
That's bad news, that'll mean Subarus will be fast AND boring.
ummm... never mind. :lol:
good move on Toyotas front, just buying the competition. they are not going to beat GM in the market Toyota will just buy little bits at a time until they have it all.
Subaru is still going to be Subaru, they still have 80% of their shares. and in this soceity majority rules.
More significant than the Subaru angle is confirmation that Toyota wants to take over the world.