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MITSUBISHI CORP TO ACQUIRE S AFRICA'S HERNIC FERROCHROME.
TOKYO, Aug 1 Asia Pulse - Mitsubishi Corp. (TSE:8058) plans to take a controlling interest in South African mining company Hernic Ferrochrome (Pty) Ltd. by raising its current 9.35 per cent stake to more than 53 per cent.
This marks the first time that a South African natural resources company will be placed under the umbrella of a Japanese firm. The investment by Mitsubishi, which is slated to buy Hernic Ferrochrome's stock from its parent company and others, will reach about 5 billion yen (US$41.7 million).
Through the acquisition, Mitsubishi aims to expand its stainless operations, including the trading of steel plate.
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Source: HighBeam Research, MITSUBISHI CORP TO ACQUIRE S AFRICA'S HERNIC FERROCHROME.