Sumitomo Mitsui Construction (TYO:1821) plans to launch a tender offer for shares of Sumiken Mitsui Road (TYO:1776) to make the road construction firm a wholly owned subsidiary, according to a Tuesday filing on the Tokyo Stock Exchange.
The company currently holds about 54% of Sumiken Mitsui Road and aims to acquire the remaining shares through the offer, subject to a minimum tender threshold.
If the purchase does not result in full ownership, Sumitomo Mitsui Construction said it plans additional steps, including a share consolidation, to acquire the remaining shares and delist the company from the Tokyo Stock Exchange.
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