Godo Steel has announced that it plans to acquire over 90 percent of Asahi Industries’ shares. Asahi Industries adopted a resolution that indicated approval of the takeover bid made by Godo Steel and has been noted in the Tokyo Stock Exchange as a security that may fall under delisting criteria on August 6.
Godo Steel, Ltd. is a steel manufacturer that is active in two business segments: the steel segment, which is involved in the manufacture and sale of steel products, such as wire rods, shaped steel, steel bars and others, as well as the secondary processed steel products; and the other segment is engaged in the leasing of real estate properties.
Asahi Industries engages in steel production and agricultural materials businesses primarily in Japan, according to Bloomberg.