The National Economic Prosecutor's Office (FNE) has given the green light to the merger between Mitsubishi Fuso and Hino Motors, but it is subject to mitigation measures.

The National Economic Prosecutor's Office (FNE) has approved the merger of Mitsubishi Fuso and Hino Motors. Initially, there were concerns that this operation could affect free competition, but it has ultimately been authorized. In simple terms, this merger combines two giants in the heavy vehicle sector (backed by Toyota and Daimler Truck).

In Chile, the impact is significant because these brands are sold through well-known distributors: Hino through Inchcape and Fuso through Kaufmann. According to figures from ANAC cited in the FNE report, market shares—measured by the number of trucks distributed at the wholesale level in Chile during 2024—show that Inchcape and Kaufmann are consolidating as key players and leaders in the light truck wholesale distribution segment in the country. Both companies represent key brands within the segment, achieving market shares, in terms of units sold, of between 40% and 50% for Inchcape and between 20% and 30% for Kaufmann, respectively.

On February 23, 2026, Aníbal Palma, head of the Mergers Division, recommended to the national economic prosecutor, Jorge Grunberg, to approve the concentration operation, albeit subject to mitigation measures. This recommendation is based on the fact that, given the current structure of the wholesale distribution of Hino and Fuso trucks, the commercial decisions of the parties in the upstream segment (manufacturing) are crucial for the structural configuration of the downstream market. In particular, the potential decision to channel the distribution of both brands through a single distributor in Chile could affect the inter-brand competition that currently exists between Kaufmann and Inchcape at the wholesale level.

Furthermore, the Mergers Division highlighted that the current wholesale distributors of the parties in Chile maintain valid contracts with unrelated third-party brands. In this context, in the light truck segment, Kaufmann—either directly or through related companies—wholesales the brands Fuso, Foton, and Maxus in Chile. Meanwhile, Inchcape—also directly or through related companies—is responsible for the wholesale distribution of Hino and JAC trucks in the country.

In its report, the FNE identified risks to free competition arising from the operation. Although the notifying parties …

In particular, the unique distribution of the light trucks of the parties under a single actor could affect the incentives to compete downstream between the brands Hino and Fuso, as well as between Maxus and Foton in the case of Kaufmann, or the brand JAC in the case of Inchcape,” stated the FNE. In the same vein, it added that “in both scenarios, the concentration of the brands offered by the same distributor would increase, incorporating both established market brands and emerging brands, regarding which it is not possible to rule out that, in the future, they could increase the competitive pressure they exert on the brands of the parties. ” The parties committed to “indefinitely maintain their import and wholesale distribution networks in Chile separately.

” “The measures ensure that the parties maintain the import and wholesale distribution of their trucks separately and independently, thereby ensuring inter-brand competition between them at that level of the supply chain, equivalent to the situation anticipated in the counterfactual of the Operation,” the report stated. The parties agreed that the import, distribution, and sale in Chile of trucks (light, medium, and heavy), along with their spare parts and after-sales services, will continue to be handled by independent distributors from each other and from the companies themselves, as long as Hino and Fuso continue supplying vehicles in the country. The mitigation measures include obligations to report to the FNE: the termination of the parties' wholesale distribution contracts; the incorporation or renewal of such distribution agreements; and the appointment of a new independent wholesale distributor.

“The measures are intended to last indefinitely, as long as the parties market their vehicles in Chile. In any case, the parties may request the Prosecutor's Office for exemption, modification, or amendment of these measures, in whole or in part, as long as they demonstrate the occurrence of substantial changes that could render the measures ineffective or irrelevant for the purposes sought with their presentation,” concluded the report.