Santiago, February 24, 2026 — The Chilean Fiscalía Nacional Económica (FNE) has cleared the merger of Hino and Fuso’s truck businesses in Chile, subject to conditions requiring the indefinite maintenance of independent import and wholesale distribution networks.
During its Phase 1 investigation, the Chilean authority identified potential risks in the import and wholesale distribution segment for trucks in Chile. The FNE pointed to the high market shares held by the parties’ current wholesale distributors, which collectively manage a significant portfolio of traditional brands — mainly of Japanese origin — as well as non-traditional brands from China.
The authority found that the parties could have incentives to unify wholesale distribution under a single distributor, thereby eliminating inter-brand competition between their respective wholesale distributors.
Conditions To Preserve Competition
To address these concerns, the parties offered mitigation measures consisting of maintaining, indefinitely, independent import and wholesale distribution networks in Chile for light, medium, and heavy trucks. The commitments also require the separate distribution of parts, spare parts, and after-sales services.
The FNE concluded that the proposed measures fully and clearly addressed the potential risks identified in Phase 1. As a result, it determined that a Phase 2 investigation was unnecessary, finding the commitments effective, proportionate and sufficient to ensure that the transaction would not substantially lessen competition in Chile.
Broader Enforcement Context
The decision follows two additional merger approvals in February 2026 in Chile’s healthcare sector, both cleared subject to structural measures: Saval’s acquisition of Sanitas and Chemopharma laboratories, and Sodexo’s acquisition of Mediterránea Catering.
According to the FNE, these decisions reflect the effectiveness of Chile’s merger control regime and demonstrate timely and proportionate intervention aligned with international standards.
The public versions of the investigation report and clearance decision will be made available on the FNE’s website once finalised.
Hino, a Japanese company and subsidiary of Toyota, manufactures and markets heavy vehicles globally and operates in Chile through Hino-branded truck sales and related parts and accessories. Fuso, a Japanese company and subsidiary of Daimler Truck AG, markets Fuso-branded trucks and buses, as well as parts and accessories, in Chile.
