Mitsui & Co., Ltd. ("Mitsui") announced today that it has agreed to acquire shares of Recruit Co., Ltd. ("Recruit") from Recruit's subsidiary. The details of the acquisition are as follows:
|Number of shares
||¥ 27 billion
||Recruit Agent Co., Ltd
|% of shares outstanding
|Time of acquisition (scheduled)
At the same time, Mitsui and Recruit have agreed to enter into business collaboration agreement in order to explore new business opportunities in areas including medical and senior-care businesses.
Mitsui and Recruit have been collaborating in medical/health-care businesses, through jointly establishing R3 Healthcare Planning in July 2005, and operating Hokendohjinsha Inc. as main shareholders. Through entering into equity relationship and business collaboration agreement, both parties intend to strengthen relationship furthermore, jointly developing opportunities in wider fields of businesses.
Recruit is a very important partner which has competitive expertise in consumer-driven B to C, media and medical/health-care businesses in which Mitsui focuses on in its initiatives in consumer service area. Combining together these expertise with Mitsui's strength in broadcasting, internet, and overseas business development, which are mutually complementary, Mitsui and Recruit expect to jointly explore and develop new business opportunities in areas such as information service for consumers. Mitsui and Recruit are currently planning to launch nursing related information service business, and then expanding wider fields.
Outline of Recruit
||Recruit Co., Ltd.
|President & C. E. O.
||8-4-17 Ginza, Chuo-ku, Tokyo
||August 26, 1963
||¥ 3,003 million
||¥ 443,672 million (Year ended March 31, 2006)
||¥ 12,600 million
|Number of employees
||6,298 (October 1, 2006)
||Human resources services & Matching services linking products with consumers through information magazines, internet and mobile communication devices
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
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