Elliott Investment Management has increased its stake in Toyota Industries to 5.01%, intensifying pressure on Toyota Motor over its planned buyout of the forklift manufacturer. Elliott, which has invested about ¥268 billion ($1.7 billion), has criticized the deal for undervaluing Toyota Industries and lacking transparency and strong governance. Other global investors share these concerns, particularly as the transaction would increase the Toyoda family’s influence. Toyota Industries’ shares are trading above the offer price, signaling expectations of a higher bid. Elliott is now one of the company’s largest shareholders, adding momentum for a potential improved offer amid Japan’s broader push for better corporate governance.