Paloma completes Fujitsu General tender offer
30th May 2025
JAPAN: Paloma Rheem Holdings has announced the successful conclusion of its tender offer for the common shares of the Fujitsu General air conditioning business.
The total number of shares tendered exceeded the minimum threshold set by Paloma Rheem, with approximately 46.56% of the common shares tendered. As a result, Paloma Rheem will acquire all tendered shares.
The offer of JPY256bn ($1.63bn) for the Fujitsu General air conditioning business was accepted by the Fujitsu board in January.
Following the successful completion of the tender offer, Paloma Rheem says it will implement a squeeze-out procedure by means of share consolidation so that Paloma Rheem and Fujitsu will be the only shareholders of the target company.
Fujitsu, a major shareholder of the air conditioning business, will then sell its common shares through a share repurchase procedure making Paloma Rheem the sole shareholder. All procedures are expected to be completed by late August.
Paloma is a global corporate group, headquarters in Nagoya, Japan, involved in both air conditioning and hot water businesses. It acquired Rheem, which operates mainly in North and South America, Europe and Australia, in 1988.
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Paloma to acquire Fujitsu General for $1.63bn – 6 January 2025
JAPAN: The Fujitsu board has backed an offer of JPY256bn ($1.63bn) for its Fujitsu General air conditioning business from Paloma Rheem Holdings, owners of US HVACR manufacturer Rheem. Read more…
