Mitsui & Co., Ltd.("Mitsui") announced today
that it has signed an agreement to acquire 19.9% of the issued shares of Sims
Group Limited ("Sims" headquartered in Sydney, Australia ) from Hugo Neu Corporation
(headquartered in New York, USA) for approximately A$ 602 million (approximately
Yen 58 billion). The acquisition is subject to certain conditions, and is expected
to close at the earliest in May 2007.
Mitsui will have the right to nominate 2 directors, 1 of whom
will be an independent, to the board of directors of Sims, subject to the board
nomination committee approval.
Mitsui recognizes scrap recycling as industrial solutions to
environmental problems, and has set recycling business as one of its key businesses
in its medium-term management outlook. Mitsui expects to enhance this business
through this acquisition.
Sims is the world's leading metal recycler with 120 sites
across four continents. For more information, please visit their URL at
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.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.