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NEC announced the conclusion of their long-planned merger with Casio/Hitachi will be slightly delayed due to regulatory issues
On September 14, 2009, NEC Corporation (NEC; TSE: 6701), Casio Computer Co., Ltd. (Casio; TSE: 6952), and Hitachi, Ltd. (Hitachi; TSE: 6501/NYSE: HIT) announced an agreement to integrate and operate their respective mobile terminal businesses through the establishment of a joint venture company.
The three companies have scheduled business integration to begin on May 1, 2010, and today announced the conclusion of a corporate spin-off contract between NEC and NEC CASIO Mobile Communications, Ltd. as well as a merger agreement between NEC CASIO Mobile Communications, Ltd. and Casio Hitachi Mobile Communications Co., Ltd. (CHMC).
Review by competition authorities in certain countries is currently taking place and is expected to be complete without impacting the timing of the merger significantly.
NEC CASIO Mobile Communications, Ltd. will completely integrate NEC’s Mobile Terminal Operations Unit with CHMC, including its sales, development, manufacturing and maintenance strengths, in order to capitalize on both companies’ technological development and product planning synergies and to produce an alluring lineup of innovative new products.
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