Mitsubishi units in $2.43b reunion 60 years after split

TOKYO: Mitsubishi Chemical Holdings Corp, Japan's biggest chemical maker, will buy Mitsubishi Rayon Co for as much as 217 billion yen ($2.43 billion) to reunite with the synthetic-fiber maker almost 60 years after they split.

Mitsubishi Rayon investors will be offered 380 yen a share, a 40 percent premium to the closing price on Wednesday, the companies said in a statement. If Mitsubishi Chemical is unable to buy all outstanding shares, the two companies plan a share exchange, they said.

Mitsubishi Chemical President Yoshimitsu Kobayashi aims to expand in acrylics, composite materials and carbon fiber in response to greater competition from China and petrochemical producers in the Middle East. The company's largest-ever purchase will add products, including graphite golf-club shafts and water purification systems.