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Nippon Steel & Sumitomo Metal gets FTC nod for Sanyo Special Steel

Steel News - Published on Tue, 22 Jan 2019

Image Source: ET Auto
Nippon Steel & Sumitomo Metal Corporation announced that on January 18, 2019, it received from the Japan Fair Trade Commission a notice stating that the JFTC will not issue a cease-and-desist order regarding the proposed Sanyo Special Steel Co Ltd transaction on condition that the remedies offered by NSSMC are taken.

1 As a result of a capital increase through a third-party allotment of shares to be conducted by Sanyo and subscribed by NSSMC on March 28, 2019, NSSMC’s voting rights ownership in Sanyo will increase to 51.5%.

2 Major items include the following measures:
for the Japanese market of small diameter seamless pipes and tubes for bearings
> a partial transfer of co-ownership interests in Sanyo’s rolling mill to Kobe Steel Ltd
> a partial transfer of NSSMC’s business and Sanyo’s business to Kobe

Pursuant to the relevant foreign competition laws, NSSMC has obtained all approvals from the foreign competition authorities required prior to the consummation of the Proposed Transaction.

Sanyo will hold an extraordinary general shareholders’ meeting on February 28, 2019 to obtain its shareholders’ approval on the capital increase through a third-party allotment of shares to be subscribed by NSSMC.

Source :

Posted By : Ratan Singh on Tue, 22 Jan 2019
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