TOKYO, Nov 11 (Reuters) - Elliott Investment Management

said on Tuesday it had a significant stake in Toyota Industries ( TYIDF )

and had been sharing its concerns about the planned

buyout of the forklift maker by Toyota ( TM ) group companies.

The Florida-based activist investor said the proposed deal

undervalued the company and lacked transparency. It confirmed it

had been in talks with Toyota Industries' ( TYIDF ) management and board

about the process, which it said had fallen short of proper

governance practices.

The Toyota ( TM ) group said in June it would take Toyota

Industries ( TYIDF ) private through a holding company backed by Toyota

Motor ( TM ), Toyota Fudosan and Toyota ( TM ) Chairman Akio Toyoda.

Elliott did not disclose the size of its holding but

described itself as one of Toyota Industries' ( TYIDF ) largest

shareholders. The company said in a filing earlier on Tuesday

that Elliott owned 3.26% as of September 30.

A Toyota Industries ( TYIDF ) spokesperson did not immediately respond

to a request for comment on Elliott's statement that the deal

undervalued the company and lacked transparency.