Manitou will buy back its stake from Toyota

Manitou will buy back 2.8% of its share capital from Toyota Industries Corporation.

Manitou BF and Toyota Industries Corporation have signed an agreement relating to the purchase by Manitou BF of a block of 1,120,000 of its own shares at a unit negotiated price of EUR13.38 (USD15.09).

The shares have been purchased from Toyota Industries Corporation in an off-market block deal worth EUR14.9 million (USD16.8 million).

The transaction follows the termination of the industrial partnerships between the two companies, dating back to December 2014.

Toyota and Manitou have been winding back relations and, in 2013, decided not to renew an exclusive distribution agreement for Toyota-branded equipment in France. At the time, the two groups determined that collaboration didn't fit market developments and decided to push their own brands on the continent.