Tokyo: Nippon Yusen Kabushiki Kaisha and Yusen Air & Sea Service Co have signed a letter of intent (LOI) for the reorganisation and integration of the logistics businesses of the two companies in order "to boost the value of the group's logistics business by optimisation and efficiency improvement using maximised group synergy". The move will see YAS change its trade name to Yusen Logistics Kabushiki Kaisha (Yusen Logistics) but remain listed subsidiary of NYK.
The logistics business of NYK Logistics (Japan) is slated for integrated into YAS through anabsorption-type de-merger or business transfer with cash consideration on or around October 1, 2010. Although stocks of overseas subsidiaries owned by NLJ will not be transferred initially, specific details of the entire scheme will be laid out by the Steering Committee for the Integration of Logistics Businesses in the definitive agreement to tentatively be executed around May. Shunichi Yano, current president of YAS, and Masahiko Fukatsu, current president of NLJ, is to assume the responsibilities of representing the newly integrated company.
The two companies' logistics businesses outside Japan will be integrated gradually from around April 2011 to March 2012, primarily through the establishment of joint ventures. Although the details of the integration scheme are under discussion, the newly integrated company will, in principle, make the subject JVs their consolidated subsidiaries and will lead the business operations of those subsidiaries. [25/02/10]
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