Japan's Eneos says tender offer for Nippo completed

Japan's Eneos Holdings said on Saturday (Dec 25) that a tender offer aimed at taking Nippo private has succeeded with 35.86 per cent of shareholders agreeing to sell their stake in the Japanese roadbuilder.

Oil refiner Eneos owns 57 per cent of Nippo, a 114-year-old Tokyo-based company. The tender offer was for the remaining 43 per cent of the company that Eneos does not already own.

Some minority shareholders had been opposed to the tender offer, saying it valued Nippo too low.