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Nippon Steel to Obtain Control of Latinusa
11/17/2009 - Nippon Steel decides to invest in Indonesian tinplate producer PT Pelat Timah Nusantara (Latinusa) in an attempt to capitalize on growing tinplate demand in Asia. Latinusa is expected to become a consolidated subsidiary of Nippon Steel.
Nippon Steel Corp. has decided to invest in Indonesian tinplate producer PT Pelat Timah Nusantara (Latinusa) in an attempt to capitalize on growing tinplate demand in Asia.
PT Krakatau Steel, an Indonesian state-owned steel company, has been preparing for the initial public offering of Latinusa’s shares, a move to privatize its subsidiary and invite tenders from potential strategic partners for the sale of a majority block of Latinusa’s shares.
PT Krakatau Steel, an Indonesian state-owned steel company, has been preparing for the initial public offering of Latinusa’s shares, a move to privatize its subsidiary and invite tenders from potential strategic partners for the sale of a majority block of Latinusa’s shares.
Nippon Steel responded by forming a consortium with Mitsui & Co., Ltd., Metal One Corp., and Nippon Steel Trading Co., Ltd. The companies recently signed a share purchase agreement with Krakatau, by which the consortium will acquire 55% of total issued shares of Latinusa (counting after the initial public offering).
With Nippon Steel’s 35% holdings, representing a controlling stake in the consortium, Latinusa is expected to become a consolidated subsidiary of Nippon Steel. The other members’ shares in Latinusa are Mitsui & Co., Ltd., 10%; Metal One, 5%; and Nippon Steel Trading Co., Ltd., 5%.
Nippon Steel says that it intends to strengthen its tinplate business in Asia by securing a manufacturing base in Indonesia, in addition to the production bases located in Japan and two Nippon Steel Group companies overseas, namely Guangzhou Pacific Tinplate Co., Ltd. in China and Siam Tinplate Co., Ltd. in Thailand.
Nippon Steel says that it intends to strengthen its tinplate business in Asia by securing a manufacturing base in Indonesia, in addition to the production bases located in Japan and two Nippon Steel Group companies overseas, namely Guangzhou Pacific Tinplate Co., Ltd. in China and Siam Tinplate Co., Ltd. in Thailand.
