Toyota Motor (TM) Chairman Akio Toyoda's $42 billion plan to take over Toyota Industries is moving forward, Bloomberg News reported Wednesday, citing sources with knowledge of the matter.

Toyoda has set up a special purpose vehicle for the buyout and hired Nomura Holdings (NMR) as its financial adviser, while Toyota Industries has brought in SMBC Nikko Securities to advise on the deal, the media outlet reported.

A special board committee at Toyota Industries is reportedly reviewing the offer with help from Mitsubishi UFJ Morgan Stanley Securities.

The tender offer for all shares in Toyota Industries could begin as early as November, following shareholder presentations, Bloomberg reported.

Both Akio Toyoda and Toyota Motor are planning to invest in the deal, the report added.

Toyota Motor, Toyota Industries, Nomura Holdings, SMBC Nikko Securities and Morgan Stanley did not immediately respond to requests for a comment from MT Newswires.

(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.)

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