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| Mitsui Gets Additional 3.2% Interest In Sims |
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Mitsui & Co Ltd announced August 26 that the Japanese trading house has acquired an additional 3.2% of issued ordinary shares in Australia-based Sims Group Ltd, the world's largest general recycling company. As a result, Mitsui has an increased interest of 19.19% in Sims. The former represents the largest shareholder in the latter. During a period of August 5-22, Mitsui bought 5,848,303 ordinary shares anew in Sims for nearly A$198 million (about Y18.9 billion) on the Australian Stock Exchange via Mitsui's 100% subsidiary Mitsui Raw Materials Development Pty Ltd (MRMD). In June last year, Mitsui acquired 19.9% of issued ordinary shares in Sims via MRMD. Then, Sims announced its acquisition and merger agreement with US metal recycler Metal Management, which would lead to a diminution of Mitsui's interest in Sims. Mitsui has pushed its purchasing of more shares in Sims since the beginning of this year. As a result, Mitsui's interest in Sims returned to nearly 16.0% by March. At present, Mitsui's two representatives are on the board of directors with Sims. With an additional investment this time, Mitsui's cumulative outlay in Sims has amounted to nearly A$897 million (about Y89.4 billion). |
| last modified : Mon 01 Sep, 2008 [11:26] |
