Kiyomoto Co., Ltd cancelled the acquisition of an additional 31.2% stake in Kyushu Steel Corporation from Metal One Corporation and Godo Steel Ltd.
December 23, 2016
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Kiyomoto Co., Ltd agreed to acquire an additional 31.2% stake in Kyushu Steel Corporation from Metal One Corporation and Godo Steel Ltd (TSE:5410) on December 24, 2015. A contract is expected to be executed on December 24, 2015. MetalOne will sell 16% stake and Godo Steel will sell 15.2% stake. After the transaction, Kiyomoto will hold 51.2% stake, MetalOne will hold 39% stake and Godo Steel will hold 9.8% stake. In a related transaction, Godo Steel, Ltd. agreed to acquire remaining 98% stake in Tokai Steel Corporation from NIPPON STEEL & SUMITOMO METAL CORPORATION and Kyushu Steel Corporation. The Board of Directors of Godo Steel, Ltd. passed a resolution for the transaction on December 24, 2015. The transaction is expected to be completed by the end of March 2016. As of on March 31, 2016, Godo Steel sold partial stake in Kyushu Steel and now owns 9.8% stake in KYUSHU STEEL.
Kiyomoto Co., Ltd cancelled the acquisition of an additional 31.2% stake in Kyushu Steel Corporation from Metal One Corporation and Godo Steel Ltd (TSE:5410) on December 24, 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.