16.12.2014, 11:03
Announcement of a Merger with Resource Development Subsidiary
OREANDA-NEWS. Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director and CEO: Takashi Tsukioka, hereinafter "the "Company") is pleased to announce that its board of directors approved an acquisitive merger of the Company's 100% subsidiary Idemitsu Oil & Gas Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President and Representative Director, Kosuke Tsuji) at its board meeting today.
The merger, detailed below, will become effective April 1, 2015.
1. Objective of the Merger
The objective of the merger is to centralize the monitoring function for the oil exploration and production business in order to further accelerate decision-making within the business and to enhance operating and capital efficiency.
Following the merger, the Company will conduct the management covering entire resource development businesses in oil exploration and production, coal, uranium, geothermal, and gas.
The Company aims to enhance resource development business portfolio and expand the businesses.
2. Summary of the Merger
(1) Merger Schedule
Effective Date : Planned for April 1, 2015
(2) Merger Method
The merger will take the form of an acquisitive merger with the Company as the surviving entity and Idemitsu Oil & Gas Co., Ltd. as the liquidated entity.
(3) Distributions Associated with the Merger
No equity or other monetary allocations will be made in association with the merger, as the Company owns 100% of shares outstanding in Idemitsu Oil & Gas Co., Ltd.
(4) Treatment of New Share Warrants and Convertible Bonds of the Acquired Entity
Idemitsu Oil & Gas Co., Ltd. has never issued new share warrants or convertible bonds.
Surviving Entity Liquidated Entity
Company Name Idemitsu Kosan Co.,Ltd. Idemitsu Oil and Gas Co., Ltd.
Location 3-1-1 Marunouchi,Chiyoda-ku,Tokyo 3-1-1 Marunouchi, Chiyoda-ku, Tokyo
Representative Representative Director and CEO President and Representative Director,
Takashi Tsukioka Kosuke Tsuji
Paid-in Capital 108.6 billion yen 8,275 million yen
Established March 30, 1940 August 18, 1989
Net Sales 5,034.9 billion yen (Consolidated) 603 million yen
The merger, detailed below, will become effective April 1, 2015.
1. Objective of the Merger
The objective of the merger is to centralize the monitoring function for the oil exploration and production business in order to further accelerate decision-making within the business and to enhance operating and capital efficiency.
Following the merger, the Company will conduct the management covering entire resource development businesses in oil exploration and production, coal, uranium, geothermal, and gas.
The Company aims to enhance resource development business portfolio and expand the businesses.
2. Summary of the Merger
(1) Merger Schedule
Effective Date : Planned for April 1, 2015
(2) Merger Method
The merger will take the form of an acquisitive merger with the Company as the surviving entity and Idemitsu Oil & Gas Co., Ltd. as the liquidated entity.
(3) Distributions Associated with the Merger
No equity or other monetary allocations will be made in association with the merger, as the Company owns 100% of shares outstanding in Idemitsu Oil & Gas Co., Ltd.
(4) Treatment of New Share Warrants and Convertible Bonds of the Acquired Entity
Idemitsu Oil & Gas Co., Ltd. has never issued new share warrants or convertible bonds.
Surviving Entity Liquidated Entity
Company Name Idemitsu Kosan Co.,Ltd. Idemitsu Oil and Gas Co., Ltd.
Location 3-1-1 Marunouchi,Chiyoda-ku,Tokyo 3-1-1 Marunouchi, Chiyoda-ku, Tokyo
Representative Representative Director and CEO President and Representative Director,
Takashi Tsukioka Kosuke Tsuji
Paid-in Capital 108.6 billion yen 8,275 million yen
Established March 30, 1940 August 18, 1989
Net Sales 5,034.9 billion yen (Consolidated) 603 million yen
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