April 21, 2013 / 9:21 PM / in 5 years

Kawasaki Heavy, Mitsui Engineering to begin merger talks-Nikkei

TOKYO, April 22 (Reuters) - Kawasaki Heavy Industries Ltd and Mitsui Engineering and Shipbuilding Co are set to begin talks on a merger that would create Japan’s second-biggest heavy machinery company by sales, the Nikkei business daily reported on Monday.

The two companies will start discussing the merger format and other details with the aim of completing the deal as early as the next financial year. They have hired financial advisers and their main banks have agreed to help in the deal, Nikkei said, without citing sources.

The merged entity would have almost 2 trillion yen ($20 billion) in annual sales, making it second in Japan to Mitsubishi Heavy Industries Ltd, the newspaper said. ($1 = 99.2400 Japanese yen) (Reporting by Chris Gallagher)

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