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Business deals

Toyota to raise Subaru stake to deepen tech cooperation

Automakers eye team-up in self-driving cars to lighten investment burden

Toyota and Subaru seek greater flexibility to invest in technologies for connected, autonomous, shared and electric vehicles, known as CASE.

NAGOYA, Japan -- Toyota Motor announced on Friday that the company will turn Subaru into an equity-method affiliate, expanding the 14-year-old partnership between the Japanese automakers to invest more effectively in new technologies.

Toyota will raise its stake in Subaru above 20%, from around 17% now, under a broad agreement that also involves closer cooperation in new areas. The move is expected to cost about 80 billion yen ($742 million), based on Subaru's market capitalization.

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