Key Developments: Mitsui & Co Ltd (MITSY.PK)
299.92USD
22 May 2013
$-1.58 (-0.52%)
$301.50
$300.80
$304.58
$299.92
3,220
6,058
$313.90
$253.76
Latest Key Developments (Source: Significant Developments)
Mitsubishi Corp, Mitsui & Co Ltd and Nippon Yusen KK to Move into LNG Production in U.S.- Nikkei
Nikkei reported that Mitsubishi Corp, Mitsui & Co Ltd and Nippon Yusen KK will reach an agreement with Sempra Energy to obtain a roughly 33% interest in a liquefied natural gas project in the state of Louisiana, the United States. The Japanese companies and French firm GDF Suez will invest in Sempra subsidiary Cameron LNG, which now operates an LNG terminal in Hackberry, Louisiana. They will build a processing facility to cool locally produced natural gas into liquid. The goal is to achieve a capacity of 12 million tons a year by 2017. The total project cost is estimated at about USD 10 billion. Full Article
Mitsui & Co Ltd to Establish Joint Venture with Celanese Corporation
Mitsui & Co Ltd announced that it has decided to establish a United States-based joint venture, which will be engaged in the methyl alcohol production business, with Celanese Corporation, which is a United States-based chemical company. Mitsui and Celanese Corporation will each hold a 50% stake in the joint venture. Full Article
Mitsui & Co Ltd to Participate in Run-of-river Power Business in Brazil
Mitsui & Co Ltd announced that it will participate in run-of-river power business in Brazil, according to an agreement signed with GDF SUEZ Energy Latin America Participações Ltda. on May 13, 2013. The Company will acquire a 20% stake in ESBR Participações S.A., which is engaged in run-of-river power business, from GDF SUEZ Energy Latin America Participações Ltda. through an investment subsidiary to be established. Full Article
Mitsui & Co Ltd Announces Financial Guidance for FY 2014
Mitsui & Co Ltd announced that it expects its consolidated full-year outlook for gross profit at JPY 900 billion, operating income at JPY 310 billion, income before taxes and equity in earnings at JPY 385 billion and net income attributed to Mitsui & Co Ltd at JPY 370 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 10,707.14 billion, operating profit of JPY 305.47 billion and net income of JPY 388.25 billion. Full Article
NK Rosneft' OAO and Mitsui & Co Ltd Sign Memorandum of Understanding to Jointly Develop FEPCO Project-AG ReDeal
AG ReDeal reported that on April 29, 2013 NK Rosneft' OAO (Rosneft) and Mitsui & Co Ltd signed a Memorandum of Understanding (MOU) to jointly develop FEPCO project. The MoU was signed by Rosneft President and Chairman of the Management Board Igor Sechin and by Representative Director, Senior Executive Managing Officer, and Member of the Board of Directors of Mitsui & Co Ltd Shintaro Ambe in the presence of the Russian President Vladimir Putin and Prime Minister of Japan Shinzo Abe. The Far East Petrochemical Company (FEPCO), a subsidiary of Rosneft, is developing the project. Processing capacity of the petrochemical complex as part of the project is planned at 3.4 million tons of hydrocarbon feedstock per year (predominantly naphtha). The capacity of ethylene and propylene production unit is planned at 2 million tons per year. The complex is expected to be launched in 2017. As part of the MOU, the parties plan cooperation in engineering design. Following the results of this cooperation final investment decision on FEPCO construction will be made. Full Article
Medical System Network Co Ltd Cancels Business and Capital Alliance with Mitsui & Co Ltd
Medical System Network Co Ltd announced that it has decided to cancel the business alliance with Mitsui & Co Ltd. Medical System Network Co Ltd will acquire 1,177 shares in the joint venture, MM Net Corporation, which was established by the two companies on February 12, 2005, from Mitsui & Co Ltd., on May 2, 2013. After this, MM Net Corporation will become a wholly owned subsidiary of Medical System Network Co Ltd. Medical System Network Co Ltd. will also repurchase the 2,080,000 shares of its stock (an 8.0% stake) held by Mitsui & Co Ltd. Full Article
Harvey Nash Group plc Acquires Stake in MOCAP Vietnam Joint Venture With Mitsui & Co Ltd
Harvey Nash Group plc announced that it has acquired a 15% shareholding in MOCAP Vietnam, a joint venture with Nikkei-listed Mitsui & Co Ltd, WPP Plc associate Smart Media and other partners, to create a call-centre business in Vietnam, opening up access to the Japanese markets for software development and business process outsourcing (BPO). Under the terms of the venture, Harvey Nash settled the consideration for the shares by way of fixed assets, including staff and client contracts, transferred into the new entity, with a book value of USD 0.5 million. MOCAP Vietnam will build an in-bound and out-bound call centre business in Vietnam, and promote software development, maintenance and business process outsourcing services to the Japanese market. The joint venture will also enable a consortium approach to bidding for new contracts, not only in Japan but in Asia more widely and drive growth in the Harvey Nash Vietnam based offshore software development and BPO business as well. Full Article
TOPPAN FORMS CO LTD Acquires J-SCube Inc. from Mitsui & Co Ltd
TOPPAN FORMS CO LTD announced that it has completed the acquisition of 4,559,206 shares (a 100% stake) of J-SCube Inc. from Mitsui & Co Ltd, on April 1, 2013. The transaction price is not disclosed. Full Article
Modec Inc, Mitsui & Co, Ltd, Mitsui O.S.K. Lines, Ltd And Marubeni Corporation To Participate In Ultra-Deepwater FPSO Chartering Project For Iracema Norte Area Of Brazilian Offshore Pre-Salt Oil Field
Modec Inc, Mitsui & Co., Ltd, Mitsui O.S.K. Lines, Ltd and Marubeni Corporation announced that they have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business (Project) operated by MODEC for the purpose of providing a floating production, storage, and offloading system (the FPSO,) for use in the Iracema Norte area of a pre-salt oil field off the coast of Brazil. The above 4 companies (Companies) have entered into definitive agreements on March 22, 2013. This Project is subsequent to the long-term charter business for the purpose of providing an FPSO for the use in the Iracema Sul area (*) in which the Companies invested through Cernambi Sul MV24 B.V. For this Project, Mitsui, MOL and Marubeni will invest in Cernambi Norte MV26 B.V. MV26 has signed a long-term chartering agreement with Tupi B.V. The FPSO will be chartered to Tupi B.V. for 20 years under this chartering agreement signed in February 2013. Construction of the FPSO will involve the conversion of a VLCC (very large crude oil carrier), which will be renamed FPSO Cidade de ITAGUAÍ MV26 upon its completion. It will be deployed to the Iracema Norte area of the BM-S-11 block off the coast of Brazil in the fourth quarter of 2015. MODEC and Mitsui have already provided three FPSOs for pre-salt oil fields, and this will be their fourth pre-salt related FPSO chartering project. It is the third project of its type for MOL and the second for Marubeni. Full Article
Mitsui & Co Ltd To Acquire 25% Participating Interest In Tempa Rossa Oil Field From Total S.A
Mitsui & Co Ltd announced it has has reached an agreement with Total E&P Italia S.p.A, a group company of Total S.A, to acquire Total E&P Energia Italia S.r.l which owns a 25% participating interest in the Tempa Rossa onshore oil field in the Gorgoglione concession in Italy through newly established subsidiary Mitsui E&P Italia A S.r.l (MEPIT). The sale and purchase agreement was signed on March 18, 2013. The transaction will be completed after fulfilling certain conditions, including the approval of the Italian government. Total will remain as operator with a 50% participating interest. Full Article
EU mergers and takeovers (April 18)
BRUSSELS, April 18 - The following are mergers under review by the European Commission and a brief guide to the EU merger process:
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