Key Developments: Marubeni Corp (8002.T)
Latest Key Developments (Source: Significant Developments)
Marubeni Corp announced that it has affirmed the financial guidance for net profit attributed to shareholders of JPY 210 billion for the fiscal year ending March 2014. According to I/B/E/S Estimates, analysts on average were expecting the Company to report full-year revenue of JPY 13,493.84 billion and net income of JPY 215.85 billion for the fiscal year ending March 2014. Full Article
Nikkei reported that Marubeni Corp will join hands with Belgian chemical group Solvay SA to install cogeneration systems at plants owned by companies in the steel, chemical, and paper and pulp industries, among others. The duo will set up a joint venture as early as this month in Paris alongside the Caisse des Depots group, a government-backed French financial institution, with each holding a 33.3% interest. Marubeni and Solvay also plan to establish a second venture in Asia by summer 2014. The location of the latter has yet to be determined, but another Japanese firm with equipment design and management know-how may be brought into the process. Full Article
Daiei Inc announced that the settlement date for the takeover bid launched by Aeon Co Ltd will be August 27, 2013. Accordingly, Aeon Co Ltd. will become the top shareholder of Daiei Inc, with voting rights increasing from 19.89% to 44.24%. Marubeni Corp will become the second major shareholder of Daiei Inc, with voting rights decreasing from 29.34% to 5.00%. Full Article
GDF Suez SA Establishes 50/50 Joint Venture with MARUBENI Corp by Selling Its 50% Stake in Thermal and Renewable Power Generation Assets in Portugal
GDF Suez SA announced that it has signed a strategic-partnership agreement with the Japanese company MARUBENI Corp with the sale of a 50% stake in its portfolio of thermal and renewable power generation assets in Portugal, representing total installed capacity of 3,300 MW1. The Company will keep a 50% share in the joint venture established by the agreement and along with its new partner will continue to operate and take care of the operational maintenance of the assets. The portfolio is made up of a balanced set of coal- and gas-fired thermal power plants with a capacity of 2,400 MW and renewable assets with a capacity of 900 MW. Full Article
Nikkei reported that Marubeni Corp will acquire 25% of Irish wind power concern Mainstream Renewable Power Ltd.'s stock for EUR 100 million, or roughly JPY 13 billion. The shares will be issued to the Japanese trading house via a private placement. Mainstream Renewable Power engages in offshore and onshore wind power operations, along with solar power generation, in seven countries, including South Africa, Chile and the U.S. It handles the whole process from equipment procurement to facility construction and energy sales, boasting solid technologies across the board. Full Article
Marubeni Corp Announces Spin-off of Business to New Subsidiary and Sale of New Subsidiary to Island Golf Co., Ltd.
Marubeni Corp announced that it has decided to spin off its golf course operation business into a new wholly owned subsidiary, which will be established in Hyogo, Japan, effective December 2, 2013. After that, the Company will sell all shares in the subsidiary to Island Golf Co., Ltd., on December 2, 2013. The transaction price is not disclosed. Full Article
Marubeni Corp announced that it has completed to purchase all of the assets and businesses of Gavilon Holdings LLC, except its energy business, for approximately USD 2.7 billion. Full Article
INPEX CORP, Itochu Corp, Japan Petroleum Exploration Co Ltd, Marubeni Corp and ITOCHU Oil Exploration Co., Ltd's Joint Venture Signs MOU with Gazprom
INPEX CORP announced that its joint venture, formed with Itochu Corp, Japan Petroleum Exploration Co Ltd, Marubeni Corp and ITOCHU Oil Exploration Co., Ltd, has signed a Memorandum of Understanding (MOU) with Russia's state-owned company, Gazprom, to discuss on establishment of a joint venture to be engaged in LNG project in Vladivostok, as well as collaboration of marketing in Japan. Full Article
Reuters reported that Marubeni Corp will establish a power generation station in Rumania, with Electrocentrale Bucuresti, which is a state owned company in Rumania. Approximately EUR 150 million will be invested in the project. Full Article
Jiji Press reported that Marubeni Corp announced that it will jointly develop power generation projects in Southeast Asia with a Thai government-affiliated firm. The Japanese trading house and Bangkok-based Global Power Synergy Co. will jointly develop independent power generation projects in Thailand, Myanmar, Laos and Cambodia. Specifically, they will consider projects suitable for each target country, such as coal- or gas-fired thermal power generation for Thailand and hydroelectric power generation for Laos. Full Article
SYDNEY - Australia rejected a A$2.8 billion ($2.6 billion) takeover of GrainCorp by U.S. agribusiness giant Archer Daniels Midland (ADM) on Friday, bowing to pressure from grain growers in a rare and surprising decision.