Asian Fund MBK to Acquire Japanese Aluminum Can Maker Altemira

Tokyo, May 12 (Jiji Press)--Asian investment fund MBK Partners is set to acquire major Japanese aluminum can maker Altemira Holdings Co. for about 117.5 billion yen, it has been learned.

MBK Partners has already passed Japanese authorities' prior screening required under the country's foreign exchange law for an overseas entity's acquisition of a domestic company in a specific industry, according to sources in the fund.

The fund had aimed to launch a tender offer for major Japanese machine tool maker Makino Milling Machine Co.

But MBK Partners withdrew the plan after Japanese authorities urged it to cancel the bid under the law out of concern that a foreign organization's acquisition of Makino Milling Machine would raise security worries because the company's high-performance machine tools may be diverted to military use.

Subject to the preliminary screening regarding MBK Partners' potential acquisition of Altemira Holdings was part of materials used for lithium-ion batteries, according to the sources.

[Copyright The Jiji Press, Ltd.]