Mitsui Engineering Surges to 5 1/2-Year High on Report
This article is for subscribers only.
Mitsui Engineering & Shipbuilding Co. surged to 5 1/2-year high on a Nikkei report it plans to hold merger talks with Kawasaki Heavy Industries Ltd. to create Japan’s second-biggest heavy machinery maker.
Shares of Mitsui Engineering soared as much as 21 percent to 204 yen, the biggest intraday gain since Oct. 30, 2008, while Kawasaki Heavy rose 3.6 percent to 345 yen. The two companies aim to complete a merger in the financial year starting April 2015, the Nikkei newspaper reported without citing anyone.