Mitsui & Co., Ltd. ("Mitsui") announced today that it has entered into an agreement with Mitsui Chemicals, Inc. ("MCI"), Sumitomo Mitsui Banking Corporation ("SMBC"), Mizuho Corporate Bank, Ltd. ("Mizuho") and The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("BTMU") to purchase 12.85% shares of the total issued shares of Mitsui Oil Exploration Co., Ltd. ("MOECO") for approximately 32 billion yen (approximately 356 million USD). With this acquisition, Mitsui's voting interest in MOECO will increase from 54.61% to 67.46%.
Currently, MOECO is actively engaged in several oil and natural gas exploration, development and production projects in Thailand and its neighboring Southeast Asian countries as well as the Middle East, etc., and is one of the core subsidiaries of Mitsui's energy upstream business. Mitsui's acquisition of shares in MOECO from MCI, SMBC, Mizuho and BTMU is in line with its strategy to increase its consolidated competitiveness through closer relationship with MOECO.
Mitsui has positioned its mineral resources and energy business as a significant strategic business area and continues to acquire attractive oil and natural gas assets in order to establish a more robust and well-balanced business portfolio.
Company information of MOECO
||Mitsui Oil Exploration Co., Ltd.
||Yoshiyuki Kagawa, President and Chief Executive Officer
||Hibiya Central Bldg., 2-9 Nishi-Shimbashi 1-chome, Minato-ku, Tokyo 105-0003, Japan
||33,133.4 million Yen
||Exploration, development, production and sales of crude oil, natural gas and other mineral resources and investment and lending to the companies engaged in these activities, etc.
|Consolidated Net Sales
||99 billion Yen (fiscal year ended March 2009)
||41 billion Yen (fiscal year ended March 2009)
||367.6 billion Yen (as of March 31, 2009)
|End of Fiscal Year
||End of March
|Total Issued Shares
(Before the acquisition)
|Mitsui : 54.61%
Minister of Economy, Trade and Industry : 20.03%
MCI : 4.98%
SMBC : 4.28%
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.