Mitsubishi Aims For Control Of Gas Firm

Mitsubishi Chemical Holdings expects to pay about $1 billion in a tender offer to increase its stake in Tokyo Stock Exchange-listed Taiyo Nippon Sanso from 27% to 51%. Japan’s largest industrial gas producer, Nippon Sanso supplies gases to industries as varied as oil extraction and microchip manufacturing, both in Japan and abroad. Last year, Mitsubishi acquired more than one-quarter of Nippon Sanso in a deal intended to expose Mitsubishi to the industrial gas sector. Nippon Sanso at the time said Mitsubishi’s backing would help it globalize its operations. Through the current deal, Nippon Sanso says it aims to further strengthen its ability to expand worldwide, particularly in the medical sector, while improving its access to Mitsubishi customers.