Japan's Nippon Steel to acquire Nisshin Steel

[TOKYO] Nippon Steel & Sumitomo Metal Corp, Japan's biggest steelmaker, is set to acquire Japan's No. 4 steelmaker, Nisshin Steel Co, for possibly more than 100 billion yen (S$1.17 billion), the Asahi newspaper reported on Monday.

Nippon Steel, which is Nisshin Steel's largest shareholder with a more than 8 per cent stake, is likely to turn it into a fully owned subsidiary, and the announcement could come as early as Monday, the report said, without citing sources.

Nippon Steel was not immediately available for comment.

REUTERS