Nippon Steel Corp. and Sumitomo Metal Industries Ltd. announced April 27 that they have reached a final agreement to integrate their businesses on Oct. 1 using a two-step legal procedure, consisting of a share exchange followed by an absorption-type merger on the same day.
The companies made a share exchange agreement and a merger agreement after approval at an April 27 meeting of the board of directors of each company.
Currently, the companies are examining various measures for achieving synergy resulting from the integration, the business plan of the integrated company and other matters related to the integrated company.
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