Press Release Back Number(2006)

Notice of Chubu Electric and Toho Oil Merger

April 27, 2006
Chubu Electric Power Co., Inc.
Toho Oil Co., Ltd.

Let be informed that Chubu Electric Power Co., Inc. (short form: Chubu Electric; headquarters: Higashi-ku, Nagoya; President: Fumio Kawaguchi) and its 100% subsidiary Toho Oil Co., Ltd. (short form: Toho Oil; headquarters: Yahama, Owase City; President: Shiro Mizutani) have basically agreed to merge into a single company. Under the basic agreement, Chubu Electric, as the surviving company, will absorb Toho Oil.


1. Objectives of the merger

Toho Oil became a 100% subsidiary of Chubu Electric on March 17, 2004 and quit the oil refining business at the end of the same month. Since April 2004, it has run oil facilities for Chubu Electric's oil power operations.

Having recently disposed of Toho Oil's refining equipment and other unneeded assets, the two companies seek to consolidate their management resources and promote efficiency. To this end, Chubu Electric will merge with Toho Oil and remain as the surviving company.


2. Overview of merger

(1) Date of merger:

January 1, 2007 (planned)


(2) Method of merger:

Chubu Electric will merge with Toho Oil and remain as the surviving company


(3) Share allocation:

Toho Oil is a 100% subsidiary of Chubu Electric Power and therefore there will be no allocation of shares.


3. Schedule (overview)

Late October 2006: Meeting of Board of Directors to approve merger agreement

Late October 2006: Conclusion of merger agreement

January 1, 2007 (planned): Date of merger


*Anticipating that the New Company Law will come into force, the companies will merge without approval of a merger agreement at a general meeting of shareholders, pursuant to Article 796 Paragraph 3 of the law in the case of Chubu Electric and Article 784 Paragraph 1 in the case of Toho Oil.


4. Toho Oil company profile


  • Company name: Toho Oil Co., Ltd
  • Primary lines of business: Storage, receiving and distribution of oil products, other
  • Founded: May 1, 1961
  • Headquarters: 3-4-1, Yahama, Owase City
  • Representative: Shiro Mizutani, President and Representative Director
  • Shareholders: Chubu Electric Power Co., Inc. 100%