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Prospect Voices Support of Planned Merger between Japan Real Estate Developers Azel Corporation and Gro-Bels Co., Ltd.
www.prnewswire.com
, Ltd. (Stock Code: 3528; TSE Second Section; Shinichi Hisanaga, Representative Director & President). Prospect holds approximately 44.76% of the equity shares of Azel and 38.48% of the equity shares of Gro-Bels.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/08-21-2008/0004871171&EDATE=
Japan's Stocks Rise, Led by Commodity Producers on Oil Prices - Bloomberg
www.bloomberg.com | Jul 22, 2008
July 22 (Bloomberg) -- Japan's stocks rose, pushing the nation's benchmark to its biggest gain in a month, amid confidence earnings will weather a global economic slowdown. Itochu Corp.
http://www.bloomberg.com/apps/news?pid=20601101&sid=apRuFI4qJggc&refer=japan
China unveils state aircraft maker (at FT.com)
us.ft.com | May 11, 2008
China has unveiled a state-owned aircraft manufacturer intended to eventually challenge Boeing and Airbus's control of the global market in large airliners.
http://us.ft.com/ftgateway/superpage.ft?news_id=fto051120081302533394&referrer_id=yahoofinance
Japan Stocks Rise as Higher Oil Prices Boost Earnings Outlook - Bloomberg
www.bloomberg.com | Jul 22, 2008
July 22 (Bloomberg) -- Japan's stocks advanced after oil prices rose for the first time in five days, boosting the earnings prospects for explorers and trading companies. AOC Holdings Inc., which has stakes in oil fields outside Japan, jumped the most in two months. Shinsei Bank Ltd.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ay5If7HJ.5BQ&refer=home
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Datamonitor - Azel Corp. - Company Research, Analysis Reports, News, Profile
Azel is a Japan based company that is engaged in the business of developing, managing, selling and leasing of real estate. It is also involved in construction, resort hotel and game arcade center management and sales of automobiles. The company primarily operates in Japan.
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News from Zibb.com
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Prospect Voices Support of Planned Merger between Japan Real Estate Developers Azel Corporation and
TOKYO, Aug 21, 2008 /Xinhua-PRNewswire-FirstCall via COMTEX/ --
Prospect Asset Management Inc. today announced its strong support of the planned January 2009 merger of two Japanese condominium developers, namely, Azel Corporation (Stock Code: 1872 TSE and OSE First Section; Tadashi Furue, Representative Director & President) and Gro-Bels Co., Ltd. (Stock Code: 3528; TSE Second Section; Shinichi Hisanaga, Representative Director & President). Prospect holds approximately 44.76% of the equity shares of Azel and 38.48% of the equity shares of Gro-Bels.
Background of the Deal
Executives of Azel and Gro-Bels held in-depth discussions and concluded that powerful synergies could be achieved through a merger, specifically: 1) Strengthening of the value chain in the condominium business spanning land acquisition, planning and design, construction, sales, and after-sales service; 2) Complementation of each company's business areas and products; 3) Cost reduction through utilization of each company's construction know-how; 4) Synergy through a stronger presence in the condominium management market; and 5) Enhanced efficiencies through business integration.
In the process of the merger, Gro-Bels will be absorbed by Azel and will cease to be listed on the stock market. Shares in Gro-Bels will be exchanged for ordinary shares in Azel.
Prospect Chairman Curtis Freeze commented that "As a long term investor in Japan's real estate sector, we believe underlying real estate asset values and the mid to long term outlooks are generally sound, but that short term factors strongly argue in favor of synergistic M&A. Based on published reports, we understand that investment funds, regulators, stock exchange officials, investment bankers, and investors are reaching a consensus that consolidation in the Japanese real estate sector will optimize value for all shareholders."
Media Contact
Edelman Japan K.K.
Thomas R. Zengage
Tel: +81-3-6403-5202 or +81-3-6403-5200
Mobile: +81-90-4533-5007
E-mail: thomas.zengage@edelman.com
Nanami Soga
Tel: +81-3-6403-5200
Mobile: +81-80-2010-8363
E-mail: nanami.soga@edelman.com
SOURCE Prospect Asset Management Inc.
Tags: acquisition business construction e-mail investment japan market media merger president products real estate sales
Companies: Azel Corp (AZELF)
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