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26 January 2007

Daikin completes OYL deal

Daikin has finally completed the acquisition of OYL. The total purchase price was Yen243.8bn, or a little over £1bn.
The purchase was first announced last May when Daikin bought out the 40% stake of the largest shareholder Hong Leong, and the 5.2% stake held by Liu Wan Min, president and CEO of OYL.

Daikin took its OYL shareholding up to 99.3% under its subsequent mandatory general offer and compulsory acquisition was commenced on November 24, 2006 to acquire the remaining 0.7% shares from minority shareholders.

The acquisition now brings OYL companies McQuay, J&E Hall and AAF into the Daikin fold and makes Daikin the second largest air conditioning manufacturer in the world.
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