Press Release
Integration of Existing Fuel Businesses into JERA Co., Inc. by Company Spin-Off
May 09, 2018
Chubu Electric Power Co.,Inc.
Chubu Electric Power today signed an absorption-type split agreement with JERA Co., Inc. ("JERA"). After concluding a definitive agreement with TEPCO Fuel & Power, Inc. to integrate fuel acceptance, storage, and gas transmission businesses along with existing thermal power generation businesses (hereinafter "the Business") into JERA Co., Inc. negotiations with interested parties and other necessary procedures had been underway to spin off the Business of Chubu Electric Power. (previously announced on February 27, 2018)
1. Summary of company spin-off
The Business belonging to Chubu Electric Power will be transferred under a company spin-off method (i.e., absorption-type split where Chubu Electric Power is the company spinning off a business and JERA is the succeeding company).
|
Conclusion date of absorption-type split agreement |
May 09, 2018 |
|---|---|
|
General meeting of shareholders for approval of absorption-type split agreement |
Chubu Electric Power: June 27, 2018 (Scheduled date) |
|
Date in which the absorption-type split will take effect |
April 01, 2019 (Scheduled date) |
|
Spin-off considerations |
5,000,000 JERA common shares |
|
Business succeeded by the succeeding company |
Chubu Electric Power's fuel acceptance, storage, and gas transmission businesses, as well as existing thermal power generation businesses |
|
Rights and obligations succeeded by the succeeding company |
JERA will succeed Chubu Electric Power's rights and obligations associated with the Business |
2. Overview of companies involved in company spin-off
|
Company spinning off business |
Company succeeding business |
|
|---|---|---|
|
Company name |
Chubu Electric Power Co., Inc. |
JERA Co., Inc. |
|
Business activities |
Electricity business (excluding the Business), etc. |
Fuel and domestic/overseas power generation businesses, etc. |
|
Established date |
May 01, 1951 |
April 30, 2015 |
|
Location of headquarters |
1, Higashi-shincho, Higashi-ku, Nagoya City |
2-7-1 Nihonbashi, Chuo-ku, Tokyo |
|
President |
President & Director: Satoru Katsuno |
President: Yuji Kakimi |
|
Capital |
430.777 billion yen |
5 billion yen |