Toyota Motor Chairman Akio Toyoda has proposed a ¥6 trillion ($42 billion) buyout of Toyota Industries Corp., which makes looms and parts for Toyota cars.

The move aims to increase his control over Toyota’s vast business empire, with Toyota Industries holding a 9.1% stake in Toyota Motor.

The offer represents a 40% premium over Toyota Industries’ market value.

The company has formed a special committee to review the proposal.

While Toyoda’s personal stake in Toyota Motor is less than 1%, this buyout would strengthen his influence.

Discussions are ongoing, and the deal may change or not proceed.

Toyota is considering options, including a partial investment in Toyota Industries, Bloomberg has reported.

If successful, the deal would be one of the largest buyouts globally.

Written by B.C. Begley