Japanese yard merger postponed

Tokyo: JFE Holdings Inc. and IHI Corp. will postpone a merger of shipbuilding operations until after autumn.

The companies have decided to delay the merger, which was to take place this month, because of a decline in demand for ships. In mid-January 2008 it was announced that IHI Corp, Japan’s third-biggest heavy-machinery maker, was in talks with JFE Holdings, the nation’s second-biggest steelmaker, to create the biggest Japanese shipbuilder to compete against Asian rivals. The two units could be merged as early as this year creating a company with sales of ¥345bn. IHI Marine United would be merged into Universal Shipbuilding, which JFE is currently seeking to raise its stake in from 50% to 80%, buying out part of Hitachi Zosen’s 50% share.

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: