DAIWA HOUSE INDUSTRY

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Kobe Steel, Ltd. completed the acquisition of remaining 40.92% stake in Kobelco Eco-Solutions Co., Ltd. from a group of shareholders.

10/27/2021 | 12:00am
Kobe Steel, Ltd. (TSE:5406) made an proposal to acquire remaining 40.92% stake in Kobelco Eco-Solutions Co., Ltd. (TSE:6299) from a group of shareholders in March 2021. Kobe Steel, Ltd. executed a Share Exchange Agreement to acquire remaining 40.92% stake in Kobelco Eco-Solutions Co., Ltd. from a group of shareholders for ?24.1 billion on August 5, 2021. Transaction will be competed through exchange of shares. Under the share exchange, 4.85 Kobe Steel share will be issued for every 1 Kobelco Eco-Solutions shares, resulting in the issue of 31,982,287 Kobe Steel shares. Post transaction, Kobelco Eco-Solutions will become wholly owned subsidiary of Kobe Steel, Ltd. Transaction is unanimous approved by the special committee. Extraordinary general meeting of shareholders of Kobelco Eco-Solutions is to be held on September 30, 2021 to approve the transaction. Kobelco Eco-Solutions will be delisted on October 28, 2021. Effective date of the transaction is November 1, 2021. Kobelco Eco-Solutions Co., Ltd. established an independent special committee composed of four members, i.e., Kei Sakai, Michiaki Ishida, Akito Takahashi and Shinsuke Hasegawa. SMBC Nikko Securities Inc. acted as fairness opinion provider and financial advisor and Anderson Mori & Tomotsune LPC acted as legal advisor to Kobelco Eco-Solutions. Mizuho Securities Co., Ltd. acted as fairness opinion provider and financial advisor and Nishimura & Asahi acted as legal advisor to Kobe Steel. Ey Strategy Consulting acted as due diligence provider to Kobelco Eco-Solutions Co., Ltd. Kobe Steel, Ltd. completed the acquisition of remaining 40.92% stake in Kobelco Eco-Solutions Co., Ltd. from a group of shareholders on October 27, 2021.
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