Finance / Japan
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Nippon Steel Increases Topy Stake
October 2008 | Corporate Financing News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Nippon Steel, the world's second-largest steelmaker, has strengthened its alliance with Topy Industries, a manufacturer of transportation-related machinery products. The two Japanese companies made an agreement on September 30 to implement certain measures to increase the competitiveness of both companies. Nippon Steel has agreed to raise its stake in Topy to 20%, clarifying the position of Topy as a part of the Nippon Steel group of companies. This represents an increase of 12.5% in Nippon Steel's voting shares. The company said it would pay JPY5.8bn (US$56mn) for the 7.5% of Topy shares it will acquire, while it will buy the