CCP approves interlinked Toyota, Daimler vehicle merger transactions

January 15, 2026 (MLN):  The Competition Commission of Pakistan (CCP) has approved two interconnected merger transactions linked to a global restructuring involving Toyota Motor Corporation and Daimler Truck AG, clearing the way for the joint consolidation of Hino Motors and Mitsubishi Fuso Truck and Bus Corporation (MFTBC).

The approved transactions form part of a single integrated restructuring designed to consolidate and jointly manage the commercial vehicle operations of Hino and MFTBC under a newly created holding structure , said a press release issued.

Under the arrangement, Toyota Motor Corporation, through its subsidiary Hino Motors Limited, has acquired full ownership of MFTBC.

Simultaneously, Daimler Truck AG has taken an interest in a newly incorporated holding company, AIB Limited, through which Hino and MFTBC will be jointly owned and managed.

The CCP assessed both transactions together, focusing on their potential impact on competition in Pakistan’s commercial vehicle market, particularly in the manufacturing and distribution of buses and trucks.

While some overlap between the operations of Hino and MFTBC was identified, the Commission concluded that the restructuring does not create or strengthen a dominant market position.

The Commission noted that Pakistan’s commercial vehicle sector remains competitive, with multiple established players continuing to operate.

In reviewing Daimler Truck AG’s stake in the holding company, the CCP observed that Daimler Truck AG no longer has any independent commercial vehicle operations in Pakistan, as its only relevant interest MFTBC had already been acquired by Toyota.

Consequently, this transaction was deemed competitively neutral.

Based on its overall assessment, the CCP determined that the two interconnected transactions do not raise competition concerns when viewed as part of the broader restructuring.

Both were approved under the Competition Act, 2010 and the Competition Merger Control Regulations, 2016.

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