TOKYO, April 22, 2025 (BSS/AFP) - Shares in Toyota's truck-making unit Hino Motors jumped on Tuesday after a report said it was nearing a merger agreement with a Japanese subsidiary of Germany's Daimler.

Hino shares gained as much as 9.3 percent in morning trade after The Nikkei business newspaper said the firm was moving to finalise a deal as early as May with Mitsubishi Fuso Truck and Bus.

The Nikkei said the companies want to stay competitive, faced with US tariffs and new Chinese rivals.

Hino Motors said in a statement that it had already announced in 2023 that the two firms were considering a "business integration".

"But nothing has been decided at this time regarding the final agreement, the timing of the listing of the holding company, the investment ratio and voting rights ratio," it said.

Mitsubishi Fuso Truck and Bus, whose shares are not publicly traded, echoed the statement.

"We will promptly announce any facts that should be publicly announced once they have been determined," a spokeswoman told AFP.