Islamabad, January 16, 2026 – The Competition Commission of Pakistan (CCP) has approved two interconnected merger transactions involving Toyota Motor Corporation, Daimler Truck AG, Hino Motors Limited, and Mitsubishi Fuso Truck and Bus Corporation (MFTBC) as part of a wider global restructuring in the commercial vehicle sector.
According to an official statement issued on Wednesday, the transactions form a single integrated restructuring aimed at consolidating and jointly managing the commercial vehicle operations of Hino and Mitsubishi Fuso through a newly established holding structure.
Under the approved plan, Toyota Motor Corporation, through its subsidiary Hino Motors Limited, has acquired full ownership of Mitsubishi Fuso Truck and Bus Corporation. Simultaneously, Daimler Truck AG has obtained an equity stake in a newly incorporated holding company, AIB Limited, through which Hino and MFTBC will be jointly owned and managed.
The CCP conducted a detailed assessment of both transactions, focusing on their potential impact on competition in Pakistan, particularly in the manufacturing and distribution of buses and trucks. While some operational overlap between Hino and MFTBC was identified, the Commission concluded that the restructuring does not create or strengthen a dominant position in the relevant markets.
The regulator noted that Pakistan’s commercial vehicle market remains competitive, with multiple established players continuing to operate. Regarding Daimler Truck AG’s involvement, the CCP observed that the company no longer has independent commercial vehicle operations in Pakistan, as its only relevant interest, MFTBC, was already acquired by Toyota under the restructuring.
Based on these findings, the CCP determined that the transactions are competitively neutral and raise no competition concerns. Both merger deals were approved under the Competition Act, 2010 and the Competition Merger Control Regulations, 2016, clearing the way for the global restructuring to move forward.