Mitsui & Co. and its wholly owned US subsidiary have joined Penske Corporation in submitting a non-binding proposal to buy out every publicly held share of Penske Automotive Group (PAG), the NYSE-listed car and truck retailer the two have jointly controlled since 2001.
The offer, filed Tuesday and disclosed to Tokyo's exchange the same day, prices PAG's common stock at $210 a share. That implies a total equity value of $13.8bn for the company. The buyers are targeting 18,245,929 shares, the public float as of April 16, 2026, putting the estimated cost of the buyout at $3.8bn.
| Item | Detail |
|---|---|
| Proposed price per share | $210 |
| Implied PAG equity value | $13.8bn |
| Shares targeted (public float) | 18,245,929 |
| Estimated cost of buyout | $3.8bn |
| Penske Corporation stake | ~52.0% |
| Mitsui stake | ~20.3% |
| Public float before deal | ~27.8% |
The ownership math explains why this is a float buyout rather than a takeover fight. Penske Corporation already holds about 52.0% of PAG and Mitsui about 20.3%, leaving only 27.8% in public hands as of mid-April. Buying that remaining slice would take the company private under its existing controlling shareholders rather than hand it to a new owner.
PAG itself is a sprawling business: a diversified transportation retailer with car dealerships in the US, UK, Canada, Germany, Italy, Australia and Japan, and North America's largest Freightliner Trucks dealer network. It also sells commercial vehicles, diesel and gasoline engines, and generators, concentrated in Australia and New Zealand. The company reported revenue of $31.809bn for the year to December 2025 and total assets of $17.598bn at year-end, with about 28,800 employees as of March 31, 2026.
Nothing is settled. PAG has set up a special committee of independent, disinterested directors, advised by outside legal and financial counsel, to assess whether the price is fair to minority holders. Mitsui's filing states plainly that no consent has been given and that any deal depends on that committee's approval. The proposal itself creates no legal obligation until definitive transaction documents are signed and delivered, and the buying group, described in the filing as "PC-Mitsui Investors", reserves the right to amend or withdraw it.
Funding would come from additional equity contributed by Penske Corporation and Mitsui, topped up with third-party debt, but that financing plan is contingent on reaching terms acceptable to both partners. Mitsui said it does not intend to issue further updates on the proposal unless US securities law or exchange rules require it, meaning the next confirmed milestone will be the special committee's verdict, not a running commentary from Tokyo.