CCP Clears Toyota-Led Merger of Hino and Mitsubishi

The Competition Commission of Pakistan (CCP) has approved two interconnected merger transactions as part of a broader global restructuring involving Toyota Motor Corporation, Daimler Truck AG, Hino Motors Limited, and Mitsubishi Fuso Truck and Bus Corporation (MFTBC).

The restructuring aims to consolidate and jointly manage the commercial vehicle operations of Hino and MFTBC through a newly created holding structure, forming a single integrated business framework.

Under this arrangement, Toyota Motor Corporation, through its subsidiary Hino Motors Limited, has acquired full ownership of Mitsubishi Fuso Truck and Bus Corporation. At the same time, Daimler Truck AG has acquired a stake in a newly incorporated holding company, AIB Limited. Through this structure, Hino and MFTBC will be jointly owned and managed.

The CCP reviewed both transactions, focusing on their potential impact on competition in Pakistan, particularly in the manufacturing and distribution of buses and trucks. While the assessment identified some operational overlap between Hino and MFTBC, the Commission concluded that the restructuring does not create or strengthen a dominant position in the relevant markets. It noted that Pakistan’s commercial vehicle sector remains competitive, with several established players continuing to operate.

In its review of Daimler Truck AG’s acquisition of an interest in the holding company, the Commission observed that Daimler no longer has any independent commercial vehicle operations in Pakistan. Its only relevant interest, MFTBC, had already been acquired by Toyota under the first phase of the restructuring. As a result, this transaction was found to be competitively neutral and not harmful to market competition in Pakistan.

Based on its findings, the Competition Commission of Pakistan concluded that the two interconnected transactions, when considered as part of a single broader restructuring, do not raise any competition concerns. Both transactions were reviewed and approved under the Competition Act, 2010, and the Competition Merger Control Regulations, 2016.