MOL to spend $21 million to own Utoc
Japanese shipping company Mitsui O.S.K. Lines Ltd. is aiming to acquire a majority of the resolution right ownership in port transportation company Utoc Corp.
Utoc has three core businesses; harbor and port transportation, logistics services, and plant and machinery installation.
MOL, already the largest shareholder of Yokohama City-based Utoc with 31.17 percent of the company’s shares, plans to spend Yen2.48 billion ($20.8 million) acquiring 5.39 million shares. MOL’s tender offer is equal to Yen 461 ($3.87) per share.
If successful, MOL will own 51 percent of Utoc, including ownership of its subsidiaries and will make it a consolidated subsidiary.
“The company (MOL) believes making the target company (Utoc) one of the company’s consolidated subsidiaries by executing the tender offer will more closely consolidate the cooperation of labor and management between the company and the target company and improve groupwide capabilities to meet various customer needs, and promote synergistic effects in all business fields,” MOL said.
The 22-day offer period runs from Feb. 6 to Feb. 27.