Mitsui & Co., Ltd. ("Mitsui") announced today that it has signed an agreement with Vedanta Resources plc, a FTSE 100 company, listed in London Stock Exchange headquartered in the UK, a diversified and integrated metals and mining group whose principal operations are located in India, Australia and Zambia to sell 100% of its issued shares of Finsider International Company Ltd (headquartered in the UK) for US$981 million in cash. Finsider International Company Ltd holds 51% of issued shares of an Indian iron ore mining company Sesa Goa Ltd (headquartered in Goa, listed in Indian National Stock Exchange and Bombay Stock Exchange). The after-tax proceeds from this transaction shall be approximately Yen 50 billion.
This transaction is in line with Mitsui's corporate strategy under the current Medium-term Management Outlook, in which Mitsui has been reviewing its portfolio to create shareholder value.
Iron ore business is one of Mitsui's core businesses and this status remains unchanged.
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.