November 17: Indonesia’s only tinplate manufacturer PT Latinusa is being bought by a consortium lead by Japan’s Nippon Steel Corporation for 5.4 billion Yen (US$60 million), from the state-owned steel maker.
Nippon Steel will make the Indonesian mill a consolidated subsidiary by obtaining a 35 percent stake and taking control of management, reported The Nikkei. Mitsui & Co will own 10 percent, with Metal One Corp and Nippon Steel Trading Co each taking a 5 percent interest. The deal is expected to be completed in mid-December.
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