Mitsui Chemicals announced that JSR would become a consolidated subsidiary, with the total acquisition price set at ¥1.84 trillion. While acknowledging a temporary deterioration in its financial position, the CFO indicated a policy of improving capital efficiency at an early stage.
Mitsui Chemicals decided to make JSR a consolidated subsidiary, with a total acquisition price of ¥1.84 trillion, and will jointly acquire JSR's common shares for cash with the Development Bank of Japan (DBJ). The transaction is targeted for the second half of fiscal 2027, with JSR to be positioned at the core of the semiconductor materials business.
The funding will comprise a ¥1.64 trillion bridge loan and a ¥200 billion DBJ equity investment. The common shares underwritten by DBJ will later be converted into non-voting preferred shares, a structure under which Mitsui Chemicals will hold 100% of JSR's voting rights.
CFO Yoshida (吉田) indicated a policy of generating cash through equity-like financing and the sale of non-core businesses, with the aim of achieving an early improvement in debt metrics while also improving capital efficiency.
As a long-term synergy target, the company aims to generate incremental annual profit of approximately ¥40 billion by fiscal 2035, while expanding its product lineup for both front-end and back-end processes and broadening the range of products supplied by leveraging JSR's technology. While the market is focused on the impact on financial soundness and uncertainty over regulatory reviews, the company indicated that it intends to pursue financial discipline alongside growth investment.