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NIPPON EXPRESS CO LTD to Fully Acquire Subsidiary through Stock Swap; to Repurchase Shares

Friday, 21 Dec 2012 01:00am EST 

NIPPON EXPRESS CO LTD announced that it has decided to fully acquire an 83.8%-owned subsidiary, NITTSU SHOJI CO.,LTD., through stock swap, effective March 19, 2013. One share of NITTSU SHOJI CO.,LTD.'s stock will be exchanged with 21 shares of the Company's stock. 29,922,396 shares of the Company's common stock will be used in the stock swap. After this, NITTSU SHOJI CO.,LTD. will be a wholly owned subsidiary of the Company. The Company also announced that it has decided to repurchase 80,000,000 shares of common stock (approximately 7.67% of total shares outstanding), for JPY 20 billion, during the period from January 4, 2013 to October 31, 2013. 

Company Quote

4.0 +0.85%
12:40am EDT