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JSW Steel to Become Equity Method Affiliate of JFE Steel
02/17/2012 - JFE Steel Corporation raises its ownership ratio in JSW Steel Limited to 15% by partly converting global depositary receipts with no voting rights into common shares.
JFE Steel Corporation has raised its ownership ratio in JSW Steel Limited to 15% by partly converting global depositary receipts with no voting rights into common shares.
From this quarter, JSW Steel will become an equity-method affiliate of JFE Steel based on the ownership increase and JFE Steel’s current seating of a part-time director on JSW Steel’s Board.
This change has no effect on JFE Holdings’ consolidated results forecast that the company had announced on January 30.
The companies noted that the increase in ownership ratio, which is based on an agreement between JFE Steel and JSW Steel, is in line with Indian SEBI Takeover regulations that were revised last year.
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