According to reports, Japanese steelmaker JFE Holdings Inc said it has reached an agreement with shipbuilder and engineering company Hitachi Zosen Corp to turn their shipbuilding joint venture into a JFE subsidiary.
JFE will acquire an additional 34.9 percent stake in Universal Shipbuilding Corp, its 50-50 joint venture with Hitachi Zosen, for 34.9 billion yen.
With the deal, JFE's stake in Universal Shipbuilding will increase to 85 percent while Zosen will hold the remaining 15 percent.
JFE said the move is aimed at further increasing Universal Shipbuilding's business efficiency and profitability.
Source: Thomson Financial News