Godo Steel, Ltd. completed the acquisition of remaining 98% stake in Tokai Steel Corporation from NIPPON STEEL & SUMITOMO METAL CORPORATION and Kyushu Steel Corporation.
March 31, 2016
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Godo Steel, Ltd. (TSE:5410) concluded a share purchase agreement to acquire remaining 98% stake in Tokai Steel Corporation from NIPPON STEEL & SUMITOMO METAL CORPORATION (TSE:5401) and Kyushu Steel Corporation on December 24, 2015. Under the terms of the deal, 8,820 shares of Tokai Steel will be acquired. Post closing, Godo Steel will hold 9000 shares of Tokai Steel. As of March 2015, Tokai Steel had net assets of ¥8.46 billion, total assets of ¥11.84 billion, sales of ¥16.31 billion, operating profit of ¥807 million and net income of ¥554 million. Godo Steel has received a Notice on the non-issuance of a cease and desist order from the Fair Trade Commission on February 1, 2016. The transaction was resolved by the Board of Directors of Godo Steel on December 24, 2015. The share purchase will be carried out by the end of March 31, 2016.
Godo Steel, Ltd. (TSE:5410) completed the acquisition of remaining 98% stake in Tokai Steel Corporation from NIPPON STEEL & SUMITOMO METAL CORPORATION (TSE:5401) and Kyushu Steel Corporation in March, 2016.
Godo Steel, Ltd. is a Japan-based company mainly engaged in the steel business and agricultural materials business. The Company operates in two business segments. The Steel segment is mainly engaged in the production and sale of wire rods, section steels, steel bars, secondary processed steel products and other steel products. The Agricultural Materials segment is mainly engaged in the manufacture and sale of organic fertilizers and chemical fertilizers.
Godo Steel, Ltd. completed the acquisition of remaining 98% stake in Tokai Steel Corporation from NIPPON STEEL & SUMITOMO METAL CORPORATION and Kyushu Steel Corporation.