Latest Tokyo Brief coverage on Mitsubishi Corporation, tracking filings, financial news, and market signals from Japan.
TSE:8058
Integral's buyout vehicle has launched a ¥2,514-a-share tender offer for Kadoya Sesame Mills, Japan's leading sesame-oil maker, but the final payout to shareholders depends on whether Mitsubishi Corporation and Mitsui & Co., which together hold nearly half the stock, agree to exit through a separate share buyback rather than tendering, an arrangement that could lift the price as high as ¥2,760.
Life Corporation is paying a 51% premium to take Hokuriku supermarket chain Albis private after five rounds of price haggling, and Mitsubishi Corporation is staying on as a 16.6% shareholder rather than selling out.
ALBIS shareholders are being offered a 51% premium to sell into Life Corporation's ¥3,780-a-share tender, but the price assumes they forfeit this year's dividend, and Mitsubishi Corporation, ALBIS's top holder, is staying on rather than cashing out.
A ToSTNeT-3 buyback capped at ¥156.8bn let Mitsubishi Corp tender its full 20% Toyo Tire stake and move to end the 2018 alliance that came with it, all disclosed through a correction to an already-filed interim report.
A 30.82 million-share block, a fifth of Toyo Tire's stock, moved off-market from Mitsubishi Corporation back to the tire maker itself at ¥3,602 a share, an EDINET filing shows, with no stated reason attached.
Toyo Tire retired Mitsubishi Corporation as its top shareholder in one August 10 trade, paying ¥111.02bn through an off-auction ToSTNeT-3 buyback and confirming a share cancellation set for late September.
Commodity prices lifted Mitsubishi Corporation's Metal Resources profit and a one-off revaluation gain from removing engineering contractor Chiyoda Corporation from its consolidated accounts pushed quarterly net profit to ¥298.5bn, even as the trading house held its full-year target steady at ¥1.10tn.
Closing the Aethon acquisition on July 14 pushed five entities over the 10% capital threshold that makes them reportable specified subsidiaries, from a $2.2bn Houston holding company to a $142mn Delaware asset-holder.
An off-market sale of 441.6 million Chiyoda Corporation preferred shares drops Mitsubishi Corporation's holding ratio from 81.94% to 66.57%, a stake cut worth roughly ¥55.1bn.