Elliott Investment Management has acquired a close to 5% stake in Toyota Industries Corp (TICO), as it ramps up its opposition to TICO’s sister company, Toyota Motors’ plan to privatise the forklift-making business through a takeover.

Toyota Motors is planning to acquire TICO for USD31 billion, but this has proven unpopular with minority investors who believe the price is too low and there is a lack of disclosure around the sale.

Toyota is pushing ahead with the deal as it looks to untangle complex cross-shareholdings in TICO.

TICO owns an 8% share of Toyota Motors while Toyota Motors owns 25% of TICO. Toyota Group-owned holding company Toyota Fudosan owns 5.42% of TICO while chairman of Toyota Motors Akio Toyoda, owns less than 1%, local media reports.

Elliott Investment Management, a well-known activist investment firm, acquired its stake for USD1.7 billion.

Elliott Investment Management, which says it had a significant stake in TICO before the privatisation announcement, has been vocal in its opposition of the move by Toyota Motors.

The Japanese Government and regulators are monitoring the sale process.