Mitsubishi Pulls Offer To Raise Thai Union Stake

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In a filing pinch nan Stock Exchange of Thailand coming (29 September), Thai Union said it had been informed by Mitsubishi that nan connection lapsed because nan number of shares tendered by shareholders during nan connection play did not scope nan required threshold. 

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It will truthful beryllium “deemed automatically cancelled”, Thai Union said.

The connection play ran for 15 business days until Friday, 26 September. 

In August, nan Japanese awesome announced a tie-up pinch Thai Union, on pinch plans to summation its shareholding. 

Mitsubishi, which first invested successful Thai Union successful 1991, was seeking to get a further 13.81% of Thai Union’s shares, boosting its liking from 6.19% to 20%.

At nan time, Mitsubishi said nan request for seafood “continues to rise, driven by organization maturation and shifting user preferences successful statement pinch economical development”. 

Under nan stated conditions, nan connection would person only proceeded if astatine slightest 532.2 cardinal shares were tendered, balanced to 11.95% of Thai Union’s full issued shares including treasury shares, aliases 13.81% excluding treasury shares, according to today’s filing.  

Mitsubishi had sought to get nan further liking for Bt6.65bn ($205m). 

Thai Union noted that shareholders who had tendered shares will person them returned successful statement pinch nan procedures successful nan connection document.  

No shares will beryllium purchased by Mitsubishi nether nan cancelled offer, and nary payments will beryllium made to those shareholders. 

Mitsubishi’s liking successful Thai Union remains astatine 238.7 cardinal shares, representing 5.36% of full issued shares including treasury shares, aliases 6.19% excluding treasury shares. 

Thai Union stated that nan lapse of nan connection will not impact its business plans aliases operations.  

It added that nan long-standing collaboration betwixt nan 2 companies will continue.  

The institution said nan offeror “remains committed to nan strategical partnership” and will support exploring “growth opportunities and further collaboration” done its existing shareholding. 

Thai Union has a beingness successful tuna done a number of its brands, including John West and Sealect. 

Tuna specifically “stands retired for its wide entreaty crossed some developed and emerging markets”, Mitsubishi said successful August. 

The move follows connected from Mitsubishi’s sale of UK seafood major Princes to Newlat Food for £700m (then $893.6m). Mitsubishi acquired Liverpool-based Princes successful 1989.