Toyota said today that it has increased its share in Fuji Heavy Industries Ltd., the manufacturer of Subaru cars. FHI sold 61 million shares valued at 31.1 billion yen ($293 million) to Toyota, who now owns 16.61 percent of the company. The boosts Toyota’s current 9.5 percent stake making it the company’s top shareholder.

The two companies have strengthened their ties as the look to offset cost of developing new cars and technology. Subaru and Toyota are currently working together on hybrid technology. The two are also working on a new rear-wheel-drive sports coupe.

Toyota will sell the new car exclusively in Japan while the Subaru badged model will hit other markets around the world. Power is expected to come from a 2.0L boxer engine that produces 220-hp and will be mated to a six-speed manual gearbox.

Interesting fact: GM used to hold a 20 percent share in 2005. Wonder what that would’ve done for the three automakers today.

Source: Automotive News (Subscription Required)