Toyota Motor and Daimler Truck AG have each pared their stakes in ARCHION Corporation, the Tokyo Stock Exchange-listed holding company that combined Hino Motors and Mitsubishi Fuso's truck operations, down to exactly 25 percent apiece. Combined, the two parents' holding fell from 54.29 percent to 50.00 percent as of August 14, 2026, according to amended large-shareholding reports filed with Japan's Kanto and Tokai finance bureaus.
The reduction was not incidental. It executes a target the two companies wrote into their June 10, 2025 business integration agreement: bring each parent's stake in ARCHION down to 25 percent of shares outstanding, with voting rights split 26.7 percent for Daimler Truck and 19.9 percent for Toyota, in order to widen the truckmaker's free float.
The drawdown came in two steps. On July 22, 2026, Daimler Truck and Toyota each sold roughly 393.9 million common shares off-market at about ¥250.80 and ¥251 a share respectively, tied to a public offering. SMBC Nikko Securities then exercised a greenshoe option on August 14, taking a further 59,089,200 shares from Daimler Truck and 59,089,100 from Toyota at ¥249.60 apiece, with settlement on August 19. After both rounds, Daimler Truck holds 689,145,660 shares and Toyota holds 689,145,728 shares, the latter including 175,512,774 non-voting Class A shares issued in the original Hino share exchange.
| Holder | Prior stake | Current stake | Shares held |
|---|---|---|---|
| Toyota Motor Corporation | 27.14% | 25.00% | 689,145,728 (incl. 175,512,774 non-voting Class A shares) |
| Daimler Truck AG | 27.14% | 25.00% | 689,145,660 |
| Combined | 54.29% | 50.00% | 1,378,291,388 |
ARCHION itself is only months old. It became Hino Motors' parent through a share exchange completing on April 1, 2026, and Mitsubishi Fuso's parent through a share contribution the same day. Toyota received its ARCHION shares in both transactions, as a former shareholder of Hino Motors and Mitsubishi Fuso, while Daimler Truck received its ARCHION shares by contributing its own Mitsubishi Fuso stake in the share-contribution transaction.
The integration agreement layers governance terms on top of the ownership math. Daimler Truck keeps the right to nominate one audit-committee director as long as it holds at least 10 percent of voting rights; ARCHION or Daimler Truck can ask Toyota, as long as Toyota holds at least 10 percent of voting rights, to recommend a candidate for a second audit-committee seat, which ARCHION may then appoint at its own discretion. A 60-month lock-up generally blocks either side from transferring shares without the other's consent. Until the equity-ratio adjustment is complete, Daimler Truck has agreed not to exercise votes that would let it single-handedly command a majority at a shareholder meeting without Toyota's consent, while Toyota has agreed that once its voting stake reaches 20 percent, it will not exercise the votes above that threshold.
The filings do not disclose whether further sales are planned beyond the 25 percent target already reached, nor do they record ARCHION's own reaction to the transaction.