Toyota's board of directors will discuss a $42 billion privatization proposal on Tuesday.

Toyota Industries Corporation said on Tuesday that its board of directors will evaluate a proposal to privatize the company. This deal would strengthen the founder's family's control over Japan's largest business empire. Sources familiar with the matter said last month that Toyota Motor Corporation Chairman Akio Toyoda was seeking to acquire Toyota Industries for 6 trillion yen. Toyota Industries released a statement on Tuesday in response to reports about the announcement of the deal, stating that no specific decision has been made public yet. Toyota Industries stated in the announcement, This matter will be discussed at today's board meeting and any decision will be disclosed promptly.