Cosmo Energy Holdings will boost its approximately 40% share in Maruzen Petrochemical to over 60% in terms of voting rights by the end of March, transforming the equity-method affiliate into a group subsidiary. Cosmo is in talks to buy around 15% of shares from other investors. It also plans to acquire treasury stock held by Maruzen. Cosmo submitted paperwork to the Japan Fair Trade Commission concerning the stake increase and later will undergo a screening required for authorizing the switch to a group subsidiary. Maruzen and Cosmo have neighboring plants in Ichihara, Chiba Prefecture. Consolidating operations would let the two companies raise cost competitiveness by sharing raw materials and jointly using facilities. Combined with joint procurement of shipping equipment, materials and such, the group could improve annual earnings by several billion yen.
07-Jan-16 
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