Kawasaki Steel Corp. (KSC) and NKK Corp. (NKK) entered a proposed agreement to consolidate and form JFE Holdings Inc. JFE is expected to capitalize at about $775 million. The agreement is subject to approval from stockholders both companies.
The agreement calls for 1,000 shares of KSC common stock to exchange for 100 shares of JFE Holdings common and 1,000 shares of NKK common to exchange for 75 shares of JFE Holdings common stock. JFE stock will be listed on the Tokyo Stock Exchange, the Osaka Securities Exchange, and the Nagoya Stock Exchange.
