UPDATE 1S.Korea Samsung Corp says to buy Japan metal maker
(Adds details)
SEOUL/TOKYO, Jan 24 (Reuters) - South Korean trading and
construction company, Samsung Corp (000830.KS: Quote, Profile, Research), said on Thursday
it won an auction to buy 100 percent of Japan’s Myodo Metal Co
Ltd for an undisclosed sum.
Samsung told the Korea Exchange in a filing that the deal was
intended to expand its production base in high-end stainless
steel products.
A financial source said that Myodo Metal’s enterprise value
was about $40 million and the financial advisor on the
cross-border deal was Japanese investment bank Nomura (8604.T: Quote, Profile, Research).
The source added Samsung bought the company from Japanese
private equity firm Phoenix Capital Co Ltd, which is closely
linked to Bank of Tokyo-Mitsubishi UFJ, the core banking unit of
Mitsubishi UFJ Financial Group Inc (8306.T: Quote, Profile, Research).
Myodo Metal makes stainless steel for kitchens, auto parts
and electric products. In the year to March 2007 it recorded
sales of 18.5 million yen ($174,100), according to its website.
(Reporting by Kim Yeon-hee, Alison Tudor and Emi Emoto)
