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Mitsubishi Chemical to Buy Mitsubishi Rayon for $2.5 billion

4:44 AM MST | November 19, 2009 | Natasha Alperowicz

Mitsubishi Chemical Holdings (MCH), Japan's largest chemical group, says it will launch a tender offer to buy Mitsubishi Rayon at the beginning of February 2010 and plans to complete the acquisition by end of March 2010. The announcement confirms Japanese reports last August that MCH was planning to acquire Mitsubishi Rayon. MCH is offering Y380/share, valuing the deal at Y220 billion ($2.5 billion). The acquistion will create a giant with proforma 2008 sales of Y3.606 trillion ($40.2 billion) and about 55,000 employees. It will...

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