30/06/2008 15:16. Effectively completing a deal announced in April, Subaru parent company Fuji Heavy Industries (FHI) on Friday agreed to sell 61 million treasury stocks to Toyota for a price of ¥31.11 billion (approximately $303 million). The new shares increase Toyota's holding in FHI from 9.5% to 16.16%, improving the capital on hand at FHI and Subaru while deepening the ties born in 2005 when Toyota acquired its original stake from General Motors.

Toyota's latest payment is expected to be completed by July 14.

At the original April announcement, both carmakers confirmed plans to jointly develop a pair of rear-wheel-drive sports cars built off a common platform. The cars will be manufactured at a new plant to be set up by FHI, and both Subaru and Toyota will market their own versions with unique... // CarCental