Toyota to take full ownership of Daihatsu

Toyota Motor Corp. said Friday that it will carry out a share exchange, to be completed in August. Toyota now owns 51.2 percent of Daihatsu Motor Co.

The deal will give Toyota -- the world's biggest automaker -- definitive control over a company that battles with rival Suzuki in Japan's domestic mini-car segment, and also strengthen its footing in Southeast Asia.

Both sides said the move will allow Toyota and Daihatsu to work more closely together as well as pool resources on future technologies, while maintaining their separate brands.

Toyota said there was no monetary amount yet for the deal, but the board of directors had given their approval.

The announcement came two days after reports that Toyota and Daihatsu's domestic rival Suzuki are in talks over a partnership focused on making compact cars for emerging markets, sending shares in both companies soaring.

It needs shareholder support in a general meeting set for June.

The last day of stock market trading for Daihatsu is planned for July 26, and its delisting July 27.