Investing.com-- Toyota’s Hino Motors and Mitsubishi Fuso Truck and Bus, a unit of Germany’s Daimler (OTC:MBGAF) Truck, are close to finalizing a merger agreement, the Nikkei Asian Review reported on Monday.

The two are seeking to establish a holding company for the truck unit and list it on the Tokyo Stock Exchange by April 2026, the Nikkei report said, although it did not disclose a source.

Toyota  (NYSE:TM) and Daimler had in May 2023 agreed to merge their truck operations in 2024, although the deal was postponed indefinitely in February 2024, after Hino was caught up in a broader emissions scandal.

The companies are joining forces to remain competitive, especially in the face of electrification, heightened Chinese competition, and the more recent threat of U.S. trade tariffs.

A renewed push for a merger comes after Hino reached a $1.2 billion settlement with U.S. authorities, clearing up a bulk of its compliance issues.

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