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Sumitomo and Mitsui have canceled their planned business integration

Published on 2003-03-31. Author : SpecialChem

 

Japanese companies Sumitomo Chemical Co. and Mitsui Chemicals Inc. said they have canceled their planned business integration. The two leading chemical makers had planned to establish a holding company in October 2003, but they had failed to agree on a merger share swap ratio.

Sumitomo Chemical and Mitsui Chemicals have announced, in November 2000, a plan to integrate their operations, with a full merger in April 2004. This would have permitted to create the world's fifth-largest chemicals firm and Japan's largest comprehensive chemicals maker in terms of sales.

The two companies said they might still pursue strategic alliances in specific areas. Sumitomo Mitsui Polyolefin Co., which the firms set up last April, will continue operations, Sumitomo Chemical and Mitsui Chemicals said.


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