NYK moves to acquire remaining stake in Yusen Logistics
Japanese shipping firm Nippon Yusen Kaisha (NYK) has announced an offer to acquire the remaining 40.4% equity stakes of its freight forwarding subsidiary Yusen Logistics for JPY25.6bn (S225m).
NYK currently holds 59.6% equity shares in Yusen Logistics.
NYK said the move was part of its strategy to expand beyond its traditional shipping activity and exploit the group's technological capabilities.
"NYK Group set logistics business as its core business and will engage in various measures targeted to strengthen its business foundation/ NYK said in a release.
The transaction is expected to be completed by late March 2018.
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