MOSCOW (MRC) -- Cosmo Energy Holdings plans to become a majority shareholder in Maruzen Petrochemical by boosting its approximately 40% share in Maruzen to over 60% in terms of voting rights, according to several local sources, as per Apic-online.
Cosmo has filed paperwork with the Japan Fair Trade Commission in regards to the acquisition and will undergo the required screening to change Maruzen to a group subsidiary. The transaction is expected close by the end of this March.
Additionally, Cosmo is in negotiations with other Ma-ruzen investors to acquire another 15% interest.
Both companies have plants located next to each other in Ichihara, Chiba Prefecture, Japan. Consolidating operations would allow both companies to increase cost competitiveness by sharing raw materials and facilities.
As MRC informed before, in July 2015, Idemitsu signed an agreement to acquire Shell’s 33.24% stake in its Japanese venture Showa Shell Sekiyu KK for JPY 169 billion (approximately USD1.4 billion). Shell will retain a 1.80% holding in the company. The transaction is expected to complete in 2016, subject to obtaining regulatory and contractual approval.
Cosmo Energy Holdings Co., Ltd. operates as a holding company. The Company, through its subsidiaries, imports, refines, and sells crude oil as well engages in the independent development of oil resources.
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