Nippon Yusoki Co., Ltd. (TSE:7105) signed a letter of intent to acquire Forklift Dalian and 33.34% stake in MHI Forklift, 88.5% stake in Forklift America, 70% in Forklift Asia and Europe from Mitsubishi Heavy Industries Ltd. for ¥13.4 billion on November 29, 2012. As part of consideration, Nippon Yusoki Co., Ltd. will allocate its 27.2 million common shares and 32.27 million class-A shares for a total of 59.49 million shares to Mitsubishi Heavy Industries, Ltd. As a ... result of the transaction, Mitsubishi Heavy Industries will increase its stake in Nippon Yusoki from 20.9% to 49.48%. Nippon Yusoki Co., Ltd is acquiring 88.5% stake in Mitsubishi Caterpillar Forklift America Inc., 70% stake in Mitsubishi Caterpillar Forklift Europe B.V., 70% stake in shares of Mitsubishi Caterpillar Forklift Asia Pte Ltd., 100% stake Mitsubishi Heavy Industries Forklift (Dalian) Co., Ltd. and 33.34% stake in Nichiyu MHI Forklift Co., Ltd. For the year ending December 2011, Mitsubishi Caterpillar Forklift Asia Pte Ltd had consolidated net asset of ¥1.6 billion, consolidated total asset of ¥5.52 billion, consolidated sales of ¥10.51 billion, consolidated operating profit of ¥301 million, consolidated ordinary profit of ¥308 million, and consolidated net profit of ¥255 million. For the year ending December 2010, Mitsubishi Caterpillar Forklift Asia Pte Ltd had consolidated net asset of ¥1.39 billion, consolidated total asset of ¥5 billion, consolidated sales of ¥8.99 billion, consolidated operating profit of ¥103 million, consolidated ordinary profit of ¥105 million, and consolidated net profit of ¥72 million. For the year ending December 2009, Mitsubishi Caterpillar Forklift Asia Pte Ltd had consolidated net asset of ¥1.35 billion, consolidated total asset of ¥3.33 billion, consolidated sales of ¥5.41 billion, consolidated operating profit of ¥37 million, consolidated ordinary profit of ¥35 million, and consolidated net profit of ¥33 million. The deal is subject to approval by shareholders of Nippon Yusoki. The transaction has been resolved by Board of Directors of Mitsubishi Heavy Industries, Ltd. and Nippon Yusoki and is expected to close by April 1, 2013. Nomura Securities Co., Ltd. acted as financial advisor to Mitsubishi Heavy Industries Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Nippon Yusoki Co., Ltd. Ng Wai King and Ong Sin Wei of Wong Partnership acted as legal advisor for Mitsubishi Heavy Industries. Pierre Nijnens of De Brauw Blackstone Westbroek N.V. and Mori Hamada & Matsumoto Law acted as legal advisors to Nippon Yusoki. The split-absorption contract and integration contract has been signed beetwen the parties on February 6, 2013. Due to the implementation of the new management system, Representative Director and Chairman, Toshihiko Uratsuji will be retired on April 1, 2013. Johan Aalto, Heidi Haanpää and Daniel Villareal of Hannes Snellman Attorneys Ltd. acted as legal advisors for Nippon Yusoki Co., Ltd.
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