FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Mitsui & Co. announces Strategic Alliance with Central Finance, Sumitomo
Mitsui Financial Group in Consumer Finance Business
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of April 27, 2007
Commission File Number 09929
Mitsui & Co., Ltd.
(Translation of registrant’s name into English)
2-1, Ohtemachi 1-chome Chiyoda-ku, Tokyo 100-0004 Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F
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Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: April 27, 2007
| MITSUI & CO., LTD. | ||
| By: | /s/ Kazuya Imai | |
| Name: | Kazuya Imai | |
| Title: | Executive Director | |
| Executive Vice President Chief Financial Officer | ||
April 27, 2007
Mitsui & Co., Ltd.
For immediate release
To whom it may concern
RE: Mitsui & Co. announces Strategic Alliance with Central Finance, Sumitomo Mitsui Financial
Group in Consumer Finance Business
Today, Mitsui & Co. Ltd. (“Mitsui”) agreed to enter into a strategic alliance in consumer finance business with Central Finance Co., Ltd. (“CF”, TSE 8588), Sumitomo Mitsui Financial Group (“SMFG”, TSE 8316), and related subsidiary and affiliated companies (Sumitomo Mitsui Banking Corporation (“SMBC”); Sumitomo Mitsui Card Co., Ltd. (“Sumitomo Mitsui Card”) and Quoq, Inc. (“Quoq”)).
Under this agreement, each of the companies will collaborate to develop high-quality products and services to fulfill the needs of customers, utilizing knowledge and expertise that each company has established.
At the same time, CF will issue new shares and convertible bonds to SMFG, SMBC and Mitsui amounting approximately 7.7 billion yen, 11.7 billion yen and 19.3 billion yen respectively. After the transaction, Mitsui will own 10% of CF’s total issued shares and retain an option to increase its share to 20% on a fully diluted basis.
Conditions of acquisition
Common stock to be issued by CF
| (1) Number of Shares | 31,638,000 shares (common stock) | |
| (2) Price | 607 yen per share | |
| (3) Total amount | 19,204,266,000 yen | |
| (4) Payment date | May 14, 2007 | |
| (5) Number of shares currently held by Mitsui | Nil | |
| (6) Number of shares Mitsui will hold after acquisition | 12,706,000 shares (10% of total issued shares as of May 14, 2007) |
Convertible bond to be issued by CF
| (1) Total amount | 19,500,000,000yen | |
| (2) Amount payable by Mitsui | 11,600,000,000 yen | |
| (3) Payment date | May 14, 2007 |
Mitsui recognizes that the business environment surrounding consumer finance business, including installment finance and credit card business, is experiencing significant change. However, with the domestic consumer spending amounting to approximately 300 trillion-yen expected to continue growing, Mitsui views the consumer finance business as a potentially promising area.
Through this strategic alliance, Mitsui intends to strengthen its financial capabilities and explore further expansion and new opportunities in consumer-related business, utilizing credit card as a part of its financial platform.
Outline of allied companies
| (1) Name |
Central Finance Co., Ltd. | |
| (2) Location |
Nagoya, Japan | |
| (3) Main business |
Credit card, Installment finance, Guarantee service, Collection agency service | |
| (4) Date of establishment |
Jan 28, 1960 | |
| (5) Paid-in capital |
9,686 million yen (consolidate basis as of Sep 30, 2006) | |
| (6) Stock exchange listing |
Tokyo (8588) |
Website: http://www.cfweb.co.jp/ (Japanese only)
| (1) Name |
Sumitomo Mitsui Financial Group | |
| (2) Location |
Tokyo, Japan | |
| (3) Main business |
Business administration of subsidiaries and related duties | |
| (4) Date of establishment |
Dec 2, 2002 | |
| (5) Paid-in capital |
1,420,877 million yen (consolidate basis as of Sep 30, 2006) | |
| (6) Stock exchange listing |
Tokyo (8316) |
Website : http://www.smfg.co.jp/english/
| (1) Name |
Sumitomo Mitsui Banking Corporation | |
| (2) Location |
Tokyo, Japan | |
| (3) Main business |
Consumer banking, Corporate banking, treasury markets, Investment banking | |
| (4) Date of establishment |
Jan 6, 1996 | |
| (5) Paid-in capital |
664,986 million yen (as of Sep 30, 2006) | |
| (6) Stock exchange listing |
— |
Website: http://www.smbc.co.jp/global/
| (1) Name |
Sumitomo Mitsui Card Co., Ltd. | |
| (2) Location |
Tokyo, Japan | |
| (3) Main business |
Credit card | |
| (4) Date of establishment |
Dec 26, 1967 | |
| (5) Paid-in capital |
34,000 million yen (as of Sep 30, 2006) | |
| (6) Stock exchange listing |
— |
Website: http://www.smbc-card.com/ (Japanese only)
| (1) Name |
Quoq, Inc. | |
| (2) Location |
Tokyo, Japan | |
| (3) Main business |
Installment finance, Guarantee service, Collection agency service, Credit card | |
| (4) Date of establishment |
Apr 5, 1978 | |
| (5) Paid-in capital |
1,000 million yen (as of Sep 30, 2006) | |
| (6) Stock exchange listing |
— |
Website: http://www.quoq.co.jp/index.html (Japanese only)
For further information, please contact:
Mitsui & Co., Ltd.
Investor Relations Division
Tel: +81-3-3285-7910
Corporate Communications Division
Tel: +81-3-3285-7562
Notice:
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui’s latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission. This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.