Mitsui takes most of Honshu Chemical

Mitsui Chemicals has announced that its Y1,830/share tender offer for the common stock of its Japanese compatriot, Honshu Chemical Industry, was completed on 11 June. The company had originally announced its intention to buy most of Honshu Chemical eight months previously.

During the 25-day tender, shareholders representing 3,519,137 shares accepted the offer. This was more than double the minimum Mitsui Chemicals needed to continue pursuing the acquisition and nearly 62% of all the shares available, a figure which does not include the treasury stock owned by Honshu Chemical. It will therefore acquire these shares, making it the majority owner.

Honshu Chemical is active in three main segments. Chemicals has two separate businesses offering cresol derivatives the separation and refinement of meta para cresol for use in animal feed, pharmaceuticals, agrochemicals, electronic chemicals and antioxidants; and biphenol for liquid crystal polymers and polyphenylsulfone, and bisphenol F, a material for low-viscosity epoxy resins.

High Performance Materials makes photoresists for the manufacturing processes for semiconductors and flat panel displays; and speciality bisphenols for optical lenses, high heat resistance plastics and other functional resins. Finally, Industrial Materials includes the bisphenols for high-heat resistance polycarbonate resins made by Hi-Bis, a 55-35-10 joint venture with Mitsui and Covestro at Bitterfeld-Wolfen, Germany, plus the contract manufacturing subsidiary Honshu Kosan.