Nippon Yusen Kabushiki Kaisha said on 31 July it will launch a tender offer at ¥10,600 a share for NS United Kaiun, its equity-method affiliate, to make the dry bulk shipper a consolidated subsidiary and delist it.
Why Nippon Yusen Kabushiki Kaisha (NYK Line) is buying NS United Kaiun Kaisha, Ltd.
NYK said dry bulk, NS United's core business, is one of its key businesses, and consolidating NS United will bring in stable earnings from important customers while combining NS United's expertise in carrying steel raw materials with NYK's global network to cut costs, build steelmaking supply chains in overseas growth markets and advance decarbonisation.
Deal terms and financing
NYK, which holds about 18.55% including a subsidiary, will bid for all shares other than those held by itself, Nippon Steel and NS United. The tender is capped at about 11.38 million shares, or about ¥120.6bn. Once it succeeds, NS United will repurchase about 4.72 million shares from Nippon Steel at ¥7,676 each, cutting Nippon Steel from 33.36% to 16.67%, and any remaining holders will be squeezed out.
Regulatory approvals and timing
The offer is conditional on competition clearances in Japan, Australia, China and Brazil and is expected to begin between late November and late December 2026, running for 20 business days. NS United's shares are expected to be delisted.
Market context
NS United Kaiun carries steel raw materials and other resources in international and coastal shipping, and Nippon Steel has been its largest shareholder. M&A Online ranked the deal as Japan's largest announced acquisition of July 2026.
