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Authorities Approve Business Integration of Nippon Steel, Sumitomo Metals
03/20/2012 - Nippon Steel and Sumitomo Metal Industries have undergone merger reviews by the relevant authorities both inside and outside of Japan for the business integration of the two companies, which is scheduled to take place this October.
Nippon Steel Corp. and Sumitomo Metal Industries, Ltd. have undergone merger reviews for the business integration of the two companies by the relevant authorities both inside and outside of Japan. The merger is scheduled to take place October 1, 2012.
Approvals received include the Japan Fair Trade Commission, which had previously approved the integration by issuing a “Notification To the Effect That a Cease and Desist Order Will Not Be Issued” on December 14, 2011. In addition, the Ministry of Commerce of P.R. China has notified that it will not prohibit the integration of the two companies in the “Notification of Review Decision.”
The two companies have thus obtained all approvals for business integration by the relevant authorities inside and outside of Japan that require prior review. The companies noted they are making every effort to prepare for the business integration, aiming to become “The Best Steelmaker with World-Leading Capabilities.”
The integration is scheduled to be fully consummated on October 1, 2012, after a merger agreement is executed in April and approved at the two companies’ respective shareholders’ meetings in June 2012.
