Mitsui Chemicals eyes $8.2B JSR acquisition exceeding its market cap

Mitsui Chemicals plans to acquire semiconductor materials maker JSR from state-backed Japan Investment Corp. for more than 1.3 trillion yen (about $8.2 billion), according to reports, with a formal decision expected as early as this month. If completed, the transaction would be a record-sized deal for Japan’s chemicals industry and would significantly exceed Mitsui Chemicals’ roughly 800 billion yen market capitalization. JIC took JSR private about two years ago for around 900 billion yen as part of an effort to consolidate Japan’s semiconductor materials sector; the planned sale would transfer JSR to Mitsui, which is seeking to expand its chip-materials business. JSR is a major producer of photoresists, materials used to pattern circuits on semiconductor wafers.