Mitsubishi Chemical, Japan’s biggest chemical maker, offered Y228bn ($2.56bn) for Mitsubishi Rayon, reuniting with the synthetic- fiber maker almost 60 years after they split, reports Bloomberg. Mitsubishi Rayon investors will be offered Y380 a share, a 40% premium to Wednesday’s closing price. Mitsubishi Chemical has set aside Y250bn for takeovers to shift to higher-margin products amid competition from overseas petrochemical producers and waning domestic demand. The deal will reunite the companies that were split in 1950.

This entry was posted by Gwen Robinson on Thursday, November 19th, 2009 at 4:50 and is filed under Capital markets, M&A. Tagged with Mitsubishi Chemical, Mitsubishi Rayon. Edit this entry.