The Competition Commission of Pakistan (CCP) has approved a major corporate restructuring involving some of the world’s largest commercial vehicle manufacturers, clearing the way for the integration of Hino Motors and Mitsubishi Fuso Truck and Bus Corporation under a new global holding arrangement.
The approval covers two linked merger transactions that are part of a wider international restructuring led by Toyota Motor Corporation and Daimler Truck AG. The move aims to consolidate and jointly manage the commercial vehicle businesses of Hino and Mitsubishi Fuso.
Under the approved arrangement, Toyota Motor Corporation, through its subsidiary Hino Motors Limited, has acquired full ownership of Mitsubishi Fuso Truck and Bus Corporation (MFTBC). At the same time, Daimler Truck AG has taken a stake in a newly incorporated holding company, AIB Limited, through which Hino and MFTBC will be jointly owned and managed. The two transactions are interdependent and form a single integrated restructuring designed to streamline global commercial vehicle operations.
The CCP examined the transactions for their potential impact on competition in Pakistan, particularly in the manufacturing and distribution of buses and trucks.
While the Commission acknowledged some overlap between the commercial vehicle activities of Hino and Mitsubishi Fuso, it concluded that the merger does not create or strengthen a dominant market position. The sector remains competitive, with multiple established players continuing to operate in Pakistan.
In its review, the CCP noted that Daimler Truck AG no longer has any independent commercial vehicle operations in Pakistan. Its only relevant presence, Mitsubishi Fuso, had already been acquired by Toyota as part of the first transaction. As a result, Daimler’s investment in the holding company was deemed competitively neutral, with no adverse effect on market competition.
Based on its findings, the CCP concluded that the restructuring raises no competition concerns when viewed as a single, integrated transaction. Both mergers were approved under the Competition Act, 2010 and the Competition Merger Control Regulations, 2016.