Ineos Phenol Limited agreed to acquire Mitsui Phenols Singapore Pte. Ltd from Mitsui Chemicals, Inc. (TSE:4183) and Mitsui & Co., Ltd. (TSE:8031) for $330 million on August 26, 2022. Prior to this transaction, Mitsui Chemicals owns a 95% stake and Mitsui & Co. own a 5% stake, upon completion, Ineos will own 100% stake in Mitsui Phenols Singapore. The Mitsui Phenols Singapore had revenue of $311 million, total assets of $606 million and operating profit of $150 million, for the fiscal year ending March 31, 2022. The transaction is subject to customary regulatory approval and is currently anticipated to complete in March 1, 2023. As of March 24, 2023, the transaction is expected to close on March 31, 2023. The impact of this share transfer on the consolidated financial statements of Mitsui Chemicals for the fiscal year ending March 31, 2023, are under investigation and will promptly disclose any matters that should be disclosed in the future. David Beech, Alan Chalmers, Helen Hall, Nick Hinton, Jenna Clarke, Sam Szlezinger and James Davison of DLA Piper Singapore Pte. Ltd. acted as legal advisor to Ineos Phenol Limited.
Ineos Phenol Limited completed the acquisition of Mitsui Phenols Singapore Pte. Ltd from Mitsui Chemicals, Inc. (TSE:4183) and Mitsui & Co., Ltd. (TSE:8031) on April 3, 2023. 120 employees of Mitsui Phenols Singapore will now become part of INEOS Phenol.
Ineos Phenol Limited completed the acquisition of Mitsui Phenols Singapore Pte. Ltd from Mitsui Chemicals, Inc. and Mitsui & Co., Ltd..
April 02, 2023
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