Brief: Nippon Steel & Sumitomo Metal says execution of agreement to make Sanyo Special Steel a Subsidiary of co

Sanyo Special Steel Co

02/08/2018 08:34

Aug 2 (Reuters) - Nippon Steel & Sumitomo Metal Corp
 5401.T  
    
    * Says Sanyo Special Steel Co Ltd  5481.T  will conduct a
capital
increase through a third-party allotment of shares underwritten
by the company for procuring funds to acquire all the shares of
Ovako 
    * Says Sanyo Special Steel Co Ltd will issue 24 million
shares to
the company at the price of 2,800 yen per share, to raise 67.24
billion yen in total, payment period from Dec. 1, 2018 to Nov.
30, 2019 
    * Says Sanyo Special Steel Co Ltd will acquire all the
shares of
Ovako AB for 67.24 billion yen from the company, effective March
28, 2019  
    * As a result, the ratio of voting rights ownership in Sanyo
Special Steel by the company will increase to 51.5 percent from
15.3 percent 

    
    Source text in Japanese:http://bit.ly/2KktrrC;
http://bit.ly/2O3yKxV
    Further company coverage: 5401.T  5481.T 

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