Mitsui & Co., Ltd. ("Mitsui") announced today that it has completed its acquisition of approximately 19.9999% of the issued ordinary shares of Sims Group Limited ("Sims", headquartered in Sydney, Australia and listed on the Australian Stock Exchange) from Hugo Neu Corporation (headquartered in New York, USA) for approximately A$605 million (approximately Yen 61.6 billion), in accordance with the share sale agreement entered on 30 March 2007.
Mitsui has the right to nominate two directors, one of whom will be independent, to the board of directors of Sims, subject to approval by the board nomination committee.
Mitsui recognizes scrap recycling as the industrial solution to environmental problems, and has set scrap recycling as one of its key businesses in its medium-term management outlook. Mitsui wishes to enhance the business of scrap recycling through this acquisition.
Sims is the world's leading scrap metal recycler with 120 sites across four continents. For more information, please visit their URL at http://www.sims-group.com.
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.