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Mitsui & Co, Penske Corp. Submit Non-Binding Proposal to Acquire Penske Automotive Free-Float Shares

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Mitsui & Co (TYO:8031) and US-based transport company Penske Corporation submitted a non-binding proposal to acquire all the free-float shares of common stock of the latter's subsidiary Penske Automotive Group, according to a Thursday filing with the Tokyo bourse.

Mitsui and Penske Corp. offered to acquire the 18.25 million free-float shares for $210 per share, bringing the acquisition cost to $3.83 billion. The offer price implies an equity value of $13.8 billion for Penske Automotive Group. The proposed acquisition will be funded via new equity contributions and third-party debt financing, the filing said.

Shares of the diversified general trading conglomerate rose nearly 1% in recent trade.

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