Chuetsu Pulp & Paper Co., Ltd. (TSE:3877) signed a share exchange contract to acquire the remaining 2.79% stake in Chuetsu Package Co., Ltd. for ¥13.6 million on May 30, 2012. Under the terms of the contract, Chuetsu Pulp will allocate its 9.15 common shares for every common share of Chuetsu Package. Chuetsu Pulp will issue its treasury shares as consideration. Post completion, Chuetsu Package will become wholly owned subsidiary of Chuetsu Pulp. For the fiscal year ended March 31, 2012, Chuetsu Package reported net assets of ¥1.76 billion, total assets of ¥6.24 billion, sales of ¥7.89 billion, operating profit of ¥46 million, and net income of ¥4 million. The transaction was resolved by the Board of Directors of Chuetsu Pulp and Chuetsu Package on May 30, 2012. The transaction is expected to close on August 1, 2012. ZECOO Partners, Inc. acted as third party appraiser to Chuetsu Package to evaluate its shares.

Chuetsu Pulp & Paper Co., Ltd. (TSE:3877) cancelled the acquisition of the remaining 2.79% stake in Chuetsu Package Co., Ltd. on May 30, 2013.