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Japan Fair Trade Commission Okays Integration of Nippon Steel and Sumitomo Metals
12/15/2011 - Nippon Steel Corp. and Sumitomo Metal Industries, Ltd. have received from the Japan Fair Trade Commission a “Notification to the Effect that a Cease and Desist Order will not be Issued,” meaning the business integration of the two companies has been approved. The integration is scheduled to be fully executed on October 1, 2012.
Nippon Steel Corp. and Sumitomo Metal Industries, Ltd. have received from the Japan Fair Trade Commission (JFTC) a “Notification to the Effect that a Cease and Desist Order will not be Issued,” meaning the business integration of Nippon Steel and Sumitomo Metals has been approved.
The companies commenced their consideration of the integration in February 2011, and the JFTC has been conducting its review since the submission by the companies on May 31, 2011, of a “Notification of a Plan Regarding the Merger.”
Nippon Steel and Sumitomo Metals have agreed to proceed with the business integration, and now plan to further accelerate their efforts to prepare for the integration. The companies say they will continue to work to obtain any necessary approvals from the relevant authorities outside of Japan.
The business integration is scheduled to be fully executed on October 1, 2012, after a merger agreement is completed in April and such merger agreement is approved at the companies’ respective shareholders’ meetings in June 2012.
