Kobe Diesel Co., Ltd. (TSE:6016) entered into a basic agreement to acquire Marine Diesel Engines Business from Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd. on November 10, 2016. Kobe Diesel Co., Ltd. will pay cash on April 1, 2017. As on December 26, 2016, Kobe Diesel Co., Ltd. entered into memorandum to acquire Marine Diesel Engines Business from Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd. As on February 1, 2017 Kobe Diesel Co., Ltd signed agreement to acquire Marine Diesel Engines Business from Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd. The tentative date of signing of the contract, board resolution, shareholder approval of Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd. and Kobe Diesel Co., Ltd. is end of February 2017. The acquisition is subject to approvals from the competent authorities. On January 31, 2017 the Board of Directors of Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd. approved the deal. The Board of Directors of Kobe Diesel Co., Ltd. approved the deal on February 1, 2017. Shareholder approval is expected on March 8, 2017. The acquisition is expected to close on April 1, 2017. Pursuant to the agreement, business will be transferred on April 1, 2017. SMBC Nikko Securities, Inc. acted as appraiser in the deal. Japan Engine Corporation (TSE:6016) completed the acquisition of Marine Diesel Engines Business from Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd. on April 1, 2017.