Nippon Oil Corporation and Nippon Mining Holdings announced on Friday they reached a final agreement for their business integration. They will establish a new holding company “JX Holdings” by equity transfer in April 2010. In July 2010, 3 operating subsidiaries “JX Nippon Oil & Energy Corporation,” “JX Nippon Oil & Gas Exploration Corporation” and “JX Nippon Mining & Metals Corporation” will be established.
JX Nippon Oil & Energy Corporation is a company for petroleum refining and marketing business. JX Nippon Oil & Gas Exploration Corporation is a company for oil and natural gas exploration and production business. JX Nippon Mining & Metals Corporation covers metals business. Shinji Nishio, Nippon Oil Corporation’s representative director and president, will assume JX Holdings’ representative director and chairman of the Board while Mitsunori Takahagi, Nippon Mining Holdings’ president and chief executive officer, will assume JX Holdings’ representative director and president. As to the metal business, Masanori Okada, Nippon Mining & Metals’ president and chief executive officer, will assume JX Nippon Mining & Metals Corporation’s representative director and president. The merger ratio is JX Holdings’ 1.07 shares for each Nippon Oil Corporation’s share and JX Holdings’ 1 share for each Nippon Mining Holdings’ share. JX Group’s mid-term management plan is scheduled to be announced in April 2010.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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