The Competition Commission of India (CCI) has approved acquisition of Krosaki Harima Corporation by Nippon Steel Corporation

The proposed combination involves acquisition by Nippon Steel Corporation (Nippon Steel) of 53.4% shareholding of Krosaki Harima Corporation (Krosaki) by way of a tender offer and potential squeeze out (if applicable) (Proposed Combination). Nippon Steel holds an existing stake of 46.6% in Krosaki and accordingly pursuant to the Proposed Combination, Nippon Steel’s shareholding in Krosaki would be 100%.

Nippon Steel is a Japan-based steelmaker. In India, Nippon Steel is engaged in the business of manufacturing tubes and pipes, and processing automotive cold rolled steel sheets, crankshafts, and auto-parts and also imports and sells various products.

Krosaki is a public listed company established in Japan. In India, Krosaki indirectly through its affiliate entities, is, inter alia, engaged in the manufacture and/or sale of refractory products and services the iron & steel making, lime, steel, aluminium, power, cement, copper, etc. industries.

Detailed order of the Commission will follow.

Nippon Steel's acquisition of Krosaki Harima raises its stake to 100% via tender offer and potential squeeze-out. The Commission approved Nippon Steel's proposed combination to acquire an additional 53.4% of Krosaki Harima via a tender offer and potential squeeze out, raising its holding from 46.6% to 100%. Nippon Steel's Indian activities include manufacturing tubes, pipes and processed automotive steel products; Krosaki's affiliates supply refractory products and services to heavy industries in India. A detailed order will follow.