Akio Toyoda's 6 trillion yen ($42 billion) plan to take over Toyota Industries (TYO:6201) is moving forward, with both parties selecting financial advisors, Bloomberg News reported Wednesday, citing people familiar with the matter..

Nomura Holdings Inc. is advising the special purpose vehicle established by the Toyota Motor chairman for the buyout, while Toyota Industries has selected SMBC Nikko Securities Inc. as its financial advisor, the report said, citing the sources.

A special board committee within Toyota Industries, formed to assess the deal, has engaged Mitsubishi UFJ Morgan Stanley Securities Co, the newswire reported, citing the people.

Toyoda's special purpose company is working on launching a tender offer for all outstanding shares of Toyota Industries as early as November, following presentations to shareholders, the report said, citing the sources.

Toyota Industries has yet to reply to queries sent by MTNewswire.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)