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Japanese yard merger likely by April

Japanese yard merger likely by April

Tokyo: Negotiations continue toward the integration of the shipbuilding units of JFE Holdings  and IHI Corp. The pair are likely to achieve the merger of their subsidiaries Universal and IHI Marine United by April next year, sources connected to the deal told the Kaiji Press. 
The two units merged would have combined with sales of ¥345bn. IHI Marine United would be merged into Universal Shipbuilding, which JFE is currently seeking to raise its stake in from 50% to 80%, buying out part of Hitachi Zosen's 50% share.
At the turn of the century Japanese shipbuilding underwent a series of mergers to try and remain competitive.  [16/7/08]


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