Photo: Containership One Commitment (Source: Mitsui O.S.K. Lines)

MOL expanding business portfolio with two new acquisitions

Japanese shipping major Mitsui O.S.K. Lines (MOL) has decided to acquire common stock of real estate ownership firm Daibiru Corporation and maritime transport company Utoc Corporation.

As informed, MOL resolved at its board of directors’ meeting held on November 30 to acquire common stock of Daibiru and Utoc through tender offers for the purpose of making both companies wholly-owned subsidiaries.

The company intends to implement each tender offer as an independent transaction from the other, MOL explained.

With these tender offers, MOL aims to reinforce group management through more solid integration of management resources in the group.

Among the aims of these transactions is the company’s plan to create further corporate value through the global social infrastructure businesses including but not limited to the shipping business.

Achieving stable business management by diversifying the business portfolio is another aim of the mentioned transactions. Furthermore, MOL seeks to optimize the allocation of management resources within the group in terms of environmental strategies and towards global growth.

Finally, the company expects to reinforce group management by reforming the group governance structure.

In the company-related news, MOL recently concluded definitive agreements with the Canadian methanol producer and supplier Methanex Corporation for Waterfront Shipping’s stake acquisition.

Under the contract, MOL is to acquire a 40% stake in Methanex’s subsidiary for $145 million.

Related Article