Clean Metals Co., Ltd. cancelled the acquisition of Yachiyo Stainless Center Co., Ltd. from Nippon Yakin Kogyo Co., Ltd. and NAS Trading Co., Ltd.
February 05, 2013 at 11:00 pm
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Clean Metals Co., Ltd. signed a merger agreement to acquire Yachiyo Stainless Center Co., Ltd. from Nippon Yakin Kogyo Co., Ltd. (TSE:5480) and NAS Trading Co., Ltd. on February 6, 2012. Under the terms of the agreement, 1.2 common shares of Clean Metals will be allotted for every one common share of Yachiyo Stainless. In total, Clean Metals will issue 7200 new shares. Nippon and NAS holds 65% and 35% respective stakes in Yachiyo Stainless. Post completion, Clean Metals will be the surviving company and Yachiyo Stainless will be dissolved. As of March 31, 2011, Yachiyo Stainless reported total assets of ¥718 million and net assets of ¥665 million.
The transaction was approved by the Board of Directors of Nippon Yakin Kogyo Co., Ltd on February 6, 2012. The transaction is subject to approval by shareholders of Nippon Yakin on February 21, 2012. The transaction is expected to complete on April 1, 2012. The transaction will have negligible impact on the consolidated performance of Nippon Yakin.
Clean Metals Co., Ltd. cancelled the acquisition of Yachiyo Stainless Center Co., Ltd. from Nippon Yakin Kogyo Co., Ltd. (TSE:5480) and NAS Trading Co., Ltd. on February 6, 2013.
Nippon Yakin Kogyo Co., Ltd. is a company engaged in the production and sale of stainless steel plates and related processed products. The Company's main products include sheets and forged products made of stainless steel, heat-resistant steel and nickel-alloy steel, as well as stainless construction materials, stainless steel pipes and other processed products. The Company mainly provides its products in Japan, China and other markets.