Nov 11 (Reuters) - Activist investor Elliott Investment

Management has increased its stake in Toyota Industries ( TYIDF )

to almost 5%, Bloomberg News reported on Tuesday, citing people

familiar with the matter.

Elliott has told the company that its proposed privatization

price is too low, the report added.

Reuters could not immediately verify the report.

Toyota Industries ( TYIDF ) in a filing on Tuesday disclosed that

Elliott had a 3.26% stake as of September 30.