MOL’s tender offer for Utoc successful
Following its tender offer earlier this month, Mitsui O.S.K. Lines has acquired 5.39 million shares and increased its stake in port transportation company Utoc Corp. to 49.69 percent.
MOL, already the largest shareholder of the Yokohama City-based company, paid Yen2.48 billion ($21.36 million) for the shares, equal to Yen 461 ($3.96) per share.
Utoc has three core businesses; harbor and port transportation, logistics services, and plant and machinery installation. In the 2004 fiscal year, ended March 31, Utoc posted net income of Yen500.1 million ($4.3 million).
“The ownership percentage after the tender offer of the company and its consolidated subsidiary is slated to be about 51 percent, and Utoc is slated to become a consolidated subsidiary,” MOL said.
The starting date of settlement is set for March 7.