Nippon Steel Corporation (TSE:5401) made a bid to acquire 45.531179% stake in Nippon Steel Trading Corporation (TSE:9810) from Kitagawa Corporation (TSE:6317) and others for ¥9300 per share on December 21, 2022. As of March 10, 2023 Nippon Steel Corporation (TSE:5401) signed an agreement to acquire 45.531179% stake in Nippon Steel Trading Corporation (TSE:9810) for ¥9300 per share The deal is subject to approval from anti trust authorities and Nippon Steel Corporation (TSE:5401) board. The transaction is subject to a minimum of 3.93 million shares being tendered. As of December 21, 2022 Nippon Steel Corporation (TSE:5401) board approved the deal. The deal is expected to complete in late March 2023. As of February 27, 2023, Offeror has proceeded with the necessary procedures and actions under domestic and overseas competition laws toward implementation of the Tender Offer, and as of February 27 2023, not all of such necessary procedures and actions have been completed. Therefore, currently, the Offeror estimates that the Tender Offer will be commenced during March 2023.The tender offer initial purchase date will be from March 13, 2023, to April 10, 2023. The settlement date will be April 14, 2023 and if extended will be April 28, 2023.

Nomura Securities Co., Ltd. acted as financial advisor and fairness opinion provider and Mori Hamada & Matsumoto LPC acted as legal advisor to Nippon Steel Corporation (TSE:5401). Nakamura, Tsunoda & Matsumoto acted as legal advisor to Nippon Steel Trading Corporation.

Nippon Steel Corporation (TSE:5401) completed the acquisition of 35.674624% stake in Nippon Steel Trading Corporation (TSE:9810) from Kitagawa Corporation (TSE:6317) and others for ¥9300 per share on April 10, 2023.