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Shin-Etsu Group Completes Takeover Bid of CIRES

August 20/2009

TOKYO, Japan, August 20, 2009 ( -- As of August 14, 2009, Shin-Etsu Chemical Co., Ltd. has completed the procedures required to make its affiliate CIRES, S.A., a company manufacturing and selling PVC in Europe, a wholly-owned Shin-Etsu subsidiary.

Shin-Etsu originally announced its plan to make CIRES, S.A. a wholly-owned Shin-Etsu subsidiary on December 10, 2008.  Shin-Etsu has been moving forward in completing the necessary procedures through Shin-Etsu International Europe B.V. (SEIE), a Shin-Etsu Group business base in Europe. We have taken the following steps:

1. Shin-Etsu negotiated and signed a contract to obtain all the CIRES shares owned by the INEOS Chlor Vinyls Holdings B.V., then one of the main CIRES shareholders.

2. After obtaining the above-mentioned shares, SEIE executed a takeover bid for the all the remaining shares of CIRES (about 47%). The remaining shareholders, including the Mitsui Group (with over 26. 07% of the shares), and Portuguese local companies, have accepted the takeover bid.

Thus, the takeover bid has been completed and CIRES has become a 100%-owned Shin-Etsu subsidiary. As a result, CIRES together with Shin-Etsu PVC in The Netherlands, will further strengthen Shin-Etsu’s PVC business in Europe. In the future, as a member of the Shin-Etsu Group, CIRES will strive to strengthen its profitability by endeavoring to improve its manufacturing technologies and enhance its sales power.


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