Mitsubishi Chemical To Acquire Mitsubishi Rayon Via Tender Offer

Japan's leading chemical producer, Mitsubishi Chemical Holdings Corp. plans to turn resin maker Mitsubishi Rayon Co. into a wholly owned unit around next spring through a tender offer, according to Nikkei. Their combined sales come to about 3.2 trillion yen based on their fiscal 2008 results, surpassing US chemical giant DuPont's roughly 2.9 trillion yen. The deal, worth up to $1.5~2.0 billon, would be a major consolidation in Japan's chemical industry, which faces fierce competition from rivals in emerging economies.