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Press release
Mar 19, 2021 17:07 JST
Source:
Mitsubishi Corporation
Signing of Agreement to Transfer Shares of MUL and HCC to MC
TOKYO, Mar 19, 2021 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce its signing today of a share-transfer agreement with Mitsubishi UFJ Financial Group, Inc. (MUFJ) and MUFG Bank, Ltd. (MUFG Bank). Under the terms of the agreement, MUFG and MUFG Bank will transfer to MC some of their shares in both Mitsubishi UFJ Lease & Finance Company Limited (MUL) and Hitachi Capital Corporation (HCC). See details below.
2. Additional Information
On September 24, 2020, MUL and HCC released a joint statement announcing their intentions to integrate operations through an absorption-type merger, which is set to go into effect on April 1, 2021. MUL and HCC will be the surviving and merged companies respectively, with the former renamed Mitsubishi HC Capital Inc.
MC, which following the merger will own approximately 18% of the new company, has plans to make it an equity-method affiliate once its integration is completed. As one of its main shareholders, MC will continue to collaborate on its future growth and development.
3. Impact on Financial Results
The impact of this share transfer on MC's financial results for the current fiscal year is expected to be minimal.
Source: Mitsubishi Corporation
Sectors: Engineering
Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
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