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FINWIRES

Eneos to Book 86 Billion Yen Gain from JX Advanced Metals Share Tender Offer

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Eneos (TYO:5020) expects to record operating profit of 86 billion yen for the fiscal year ending March 2027 from selling 57.3 million JX Advanced Metals (TYO:5016) shares at 3,401 yen each, totaling 194.8 billion yen.

The company initially expect to record 110.0 billion yen as operating profit, but the tender offer price was lower than expected.

After the transaction, Eneos' stake in JXAM will drop from 42.38% to 35.28%, based on post-share-exchange share counts following JXAM's acquisition of Toho Titanium.

The tender price was set at a 10% discount to the lower of the one-month average closing price or the May 20 closing price, which came out to 3,779 yen. Settlement is scheduled for July 9.

Eneos kept its full-year earnings forecast unchanged, citing ongoing uncertainties in resource prices, foreign exchange and geopolitical conditions.

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