Japan's JFE planning anti-takeover measures - report |
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Published
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Wed, 28 Feb 2007 23:11
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TOKYO (XFN-ASIA) - JFE Holdings Inc will adopt anti-takeover defenses that would allow the steelmaker to issue equity warrants if a potential acquisition threatens its corporate value, the Nikkei reported, without citing sources.Under the proposed arrangement, a suitor seeking to acquire more than 20 pct of voting rights in JFE will be asked to explain its objectives and how it plans to finance the acquisition, the business daily said.An independent committee then will study the proposal and will decide whether the company should launch takeover defenses, according to the Nikkei.Last spring, Nippon Steel Corp, Sumitomo Metal Industries Ltd and Kobe Steel Ltd all introduced anti-takeover measures.(1 usd = 118.42 yen)yasuhiko.seki@xfn.comys/mas
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