Toyota Motor Corp. will not sell its shares in Nippon Broadcasting System Inc. to Fuji Television Network Inc., but the automaker's decision will not necessarily benefit Livedoor Inc. in the takeover battle for the radio broadcaster.

Toyota viewed Fuji TV's offer price for Nippon Broadcasting shares as inadequate.

Fuji TV's public tender offer stands at 5,950 yen per share, below the 6,500 yen the stock fetched at the close of trading Friday.

Toyota currently owns about 100,000 shares in Nippon Broadcasting, or about 0.3 percent of all outstanding shares.

The automaker also has no immediate plan to sell those shares on the market because that could help Livedoor's own bid to take control of Nippon Broadcasting.

``If we appear to be siding with one of the two contenders, it could affect sales of our automobiles,'' a senior Toyota official said.

Toyota's chairman, Hiroshi Okuda, who also heads the powerful Nippon Keidanren (Japan Business Federation), has remained neutral over the battle between Fuji TV and Livedoor.

Toyota executives believe that if the automaker takes a side, it would influence other Nippon Broadcasting shareholders that are still undecided on the issue, the sources said.

Toyota initially planned to accept Fuji TV's offer, but decided to wait after Livedoor bought up a large chunk of Nippon Broadcasting shares in off-hour trading in February.

The ensuing fight between Fuji TV and Livedoor has become a topic of debate in the business world, the legal system and the top levels of politics.

Fuji TV's public tender offer will close on Monday. Tokyo Electric Power Co., Kansai Electric Power Co. and Kodansha Ltd. have indicated they will accept Fuji's offer.(IHT/Asahi: March 5,2005)