Mitsui & Co., Ltd. ("Mitsui") announced today that it has decided to sell 5,000,000 shares (8.23% of issued shares) of Toho Titanium Co., Ltd. ("Toho") as a result of the tender offer made by Nippon Mining Holdings, Inc. against the issued shares of Toho.
The after-tax proceeds from this transaction shall be approximately Yen 5.7 billion.
Through this transaction Mitsui's interest in Toho shall decrease from 11.55% (7,016,226 shares) to 3.32% (2,016,226 shares).
This transaction is in line with Mitsui's corporate strategy under the current Medium-term Management Outlook, in which Mitsui has been constantly reviewing its portfolio to create shareholder value.
The titanium business with Toho 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.