Toyota to boost stake in South African unit

Newswire

TOKYO, June 25 (Reuters) - Toyota Motor Corp, the world's third-largest automaker, said on Tuesday that it would more than double its stake in its South African unit, taking its holding to 74.9 percent, as it plans to expand its base there. Toyota said it had paid 994 million rand ($96.5 million) to partner Wesco Investments Ltd to boost its stake from 35.7 percent. It is the third time that the Japanese automaker has boosted its holding since taking a 28 percent stake in 1996. ...

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