<font color="blue"> No offense there, SnowRidge, but this is exactly why I did not quote from any of the hits from Google.....
Denso was separated from Toyota in 1949. </font>
No offense, Mike, but that doesn't mean that Toyota doesn't own a percentage of Denso.
Denso was spun off of Toyota as a separate company. Usually when that happens, the parent company retains some of the stock in the new entity and sells the rest to raise cash. That appears to be what happened in this case. Toyota was in bad shape and needed to reorganize.
As part of that reorganization, the Toyota electrical division was spun off as Nippon Denso Corp. Toyota still retains about 25% of the Denso stock. Will you trust Standard & Poors on that?
Denso Report
The report is slightly out of date in one aspect. Toyota and its subsidiaries now buy
over 50% of Denso's output according to Denso's latest financial statement, which is available on the web. This in itself is an indirect indicator of strong ties between the two companies. Toyota also has at least two of its board members sitting on Denso's board.
It is extremely difficult for individuals to find out the true ownership of many foreign corporations. Unlike here in the U.S., most aren't required to report in detail who the significant stakeholders are. However, I am confident in Standard and Poor's abilities to report ownership interests accurately.