Mitsui & Co., Ltd. ("Mitsui") announced today that Mitsui completed the divestiture of part of its economic stake in MT Falcon Holdings Company S.A.P.I. de C.V. ("Falcon") to Chubu Electric Power Co., Inc. ("Chubu") and Tohoku Electric Power Co., Inc. ("Tohoku") as previously agreed among the parties and was announced on December 27, 2010. The divested economic stake in Falcon was 30% in total. Prior to the divestiture Mitsui's economic stake in Falcon had been 70%.
The divesting transaction was made between Mitsui and a 100% subsidiary company of Chubu as well as a 100% subsidiary company of Tohoku on March 30 (Local time in Mexico), following the satisfaction of conditions precedent of the sales and purchase agreement, which included the approval by the Mexican governmental authorities.
As a result of the transaction, the status of Falcon has changed from Mitsui's subsidiary to its associated company.
This transaction is not expected to have any significant impact on Mitsui's consolidated financial results of fiscal year ending March 31, 2011.
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