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Mitsubishi Chemical to take over Mitsubishi Plastics for 41.7 bln yen


Published : Thu, 08 Feb 2007 11:00
By : Agencies
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TOKYO (XFN-ASIA) - Mitsubishi Chemical Holdings Corp said it has decided to take majority control of Mitsubishi Plastics Inc through a tender offer estimated to cost 41.7 bln yen.

A subsidiary of the holding firm -- Mitsubishi Chemical Corp -- which currently holds a 52.61 pct stake in Mitsubishi Plastics, will offer 410 yen per share for the shares it does not already own.

The tender offer will begin on Feb 9 and end on Mar 12.

Mitsubishi Plastics said in a separate statement that its board supports the move by Mitsubishi Chemical.

(1 usd = 121.22 yen)

kaori.kaneko@afx.com

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