Nippon Steel to Raise Topy Stake
September 30, 2008
Tokyo, Sept. 30 (Jiji Press)–Nippon Steel Corp. said Tuesday it will raise its stake in metal processing company Topy Industries Ltd. to 20 pct from 7.5 pct.
The two sides also agreed to expand their business cooperation. Topy will allow Nippon Steel to use its electric furnaces and casting equipment.
Based on current stock prices, Nippon Steel is seen to spend some 9 billion yen to buy Topy shares.
Topy will spend nearly 3 billion yen to raise its stake in Nippon Steel to around 0.1 pct.END
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