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Toyota Industries' shares nosedive on $33 billion buyout deal — steepest fall in 10 months

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Toyota Industries slumped as much as 13% Wednesday , after Toyota Group's reported 4.7 trillion yen ( $33 billion ) deal to take the company private.

Deal includes a tender offer of $26 billion for shares of Toyota Industries at 16,300 yen apiece.

Deal comes at a time when Japanese firms are facing pressure from both regulators and investors to unwind long-established cross-shareholding ties.