P.M. BRIEFING : Toyota Charges Pickens Smear
TOKYO — Texas investor T. Boone Pickens, who has been feuding with the board of a Japanese auto-parts maker closely tied to Toyota Motor Corp., is trying to damage the auto maker’s image in the United States, a Toyota spokesman charged today.
Pickens, who owns 26% of Koito Manufacturing Co., is the largest shareholder in the company but has failed to obtain seats at Koito’s board meetings despite efforts over the last 16 months.
“It is annoying Mr. Pickens has been attacking Toyota when in fact he should talk to Koito. It’s a problem solely between him and Koito,†the spokesman said. “Mr. Pickens is trying to stain our reputation in the United States.â€
Pickens on Wednesday made public a letter addressed to Toyota Chairman Eiji Toyoda in which he accused Toyota of misrepresenting its relationship with Koito and of trying to block a U.S. Federal Trade Commission investigation into Japanese business practices.
