Taiyo Nippon Sanso acquisition continues consolidation in Japan’s chemical industry
Japanese chemicals conglomerate Mitsubishi Chemical Holdings has issued a tender offer to increase its share in Taiyo Nippon Sanso to a 51% controlling stake. The planned purchase – which has been agreed by Taiyo’s board and has regulatory approval – will cost around ¥107 billion (£600 million).
Taiyo is an industrial gases specialist, of which Mitsubishi has held a significant share since its formation in 2004. Mitsubishi has now decided to take control of the company and form a ‘business alliance’ as part of a consolidation effort that will help both firms respond to ‘changes in the global competitive environment’, Mitsubishi stated in the offer announcement.