Kyoei Steel, Tokyo Tekko cancel merger

Tokyo 19 October 2009 05:11

Japan's Kyoei Steel and Tokyo Tekko are cancelling their merger plan due to the uncertainty of fair trade commission (FTC) approval, they said. Kyoei Steel, Japan's second-largest electric arc furnace (EAF) operator, and Tokyo Tekko, the country's largest producer of steel screws and rivets, had planned to merge under a holding company. The plan had undergone a first-stage examination at Japan's FTC, which decided earlier this month to begin a second stage of examination to see if the mills' combined domestic shares of some steel bar and other products could violate anti-monopoly law. This extended review has made it difficult to complete the merger by April, or to realise the synergies from the deal within the original time frame,...

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Kyoei Steel, Tokyo Tekko cancel merger

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