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Mitsubishi Chemical launches $1-billion tender offer to become majority owner of Taiyo Nippon Sanso

4:11 AM MDT | May 13, 2014 | Francinia Protti-Alvarez

Mitsubishi Chemical is to become the majority shareholder of industrial gases producer Taiyo Nippon Sanso (Tokyo), according to a filing by Mitsubishi to the Tokyo Stock Exchange (TSE). Mitsubishi had held a 15% stake in Taiyo Nippon Sanso until December last year, when the former company increased its stake to 27% via a private placement of new shares. Mitsubishi now plans to launch a public tender offer to up its stake in Taiyo Nippon Sanso to 51% in a deal valued at about ¥107 billion ($1.05 billion), the filing says. The offer to buy as many as 104...

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