ENEOS has locked in the final terms of its sale into JX Metals' self-tender, and the confirmed result is a ¥194.8bn gross selldown that still leaves ENEOS with a large 35.28% holding in the metals group. The final sale price is ¥3,401 a share, and 57,274,900 shares will be sold into the tender.
| Metric | Value |
|---|---|
| Tender price | ¥3,401 a share |
| Shares sold | 57,274,900 |
| Gross proceeds | ¥194.8bn |
| ENEOS stake before tender | 393,529,002 shares (42.38%) |
| ENEOS stake after tender | 336,254,102 shares (35.28%) |
| Shares tendered | 57,300,022 |
| Settlement start | July 9, 2026 (planned) |
Why the price landed at ¥3,401
ENEOS said the tender price was set at a 10% discount to the lower of two reference prices: the simple average closing price over the month through May 8, which was ¥4,848, and the May 20 closing price, which was ¥3,779. Because the lower figure set the base, the final tender price came out at ¥3,401.
What changes in the shareholding
Before the tender, ENEOS held 393,529,002 JX Metals shares, equal to 42.38%. After selling 57,274,900 shares, it will hold 336,254,102 shares, or 35.28%. The sold block itself was equal to 6.01% on ENEOS's disclosed basis.
One footnote matters. ENEOS said the pre-tender 42.38% was calculated using JX Metals' share count at the end of March, net of treasury stock. The 6.01% sold stake and the 35.28% post-tender stake were calculated using a larger share count after JX Metals issued shares in a stock-swap transaction effective June 1. So the holding clearly shrinks, but the percentages are not a perfectly like-for-like before-and-after comparison.
What happens next
In a same-day extraordinary report, ENEOS said it had tendered 57,300,022 shares and that 57,274,900 were accepted after the tender period ended on June 17. Settlement is scheduled to start on July 9.