Imabari Shipbuilding, JFE Holdings, and IHI Corporation have announced the completion of all competition law reviews and approval procedures regarding the partial acquisition of shares in Japan Marine United Corporation (JMU).
The transaction, which was first announced in June 2025, is now set for execution on January 5, 2026.
Under the terms of the agreement, Imabari Shipbuilding will increase its voting rights in JMU from 30 per cent to 60 per cent, taking majority control of the rival shipbuilder.
The stakes held by JFE Holdings and IHI Corporation will be reduced to 20 per cent each from their previous holdings of 30 per cent and 35 per cent, respectively.
The consolidation is described as a strategic response to a significant decline in the market share of the Japanese shipbuilding industry.
The companies stated that the move would facilitate faster and more comprehensive management decisions in a challenging global market. It noted that the Japanese shipbuilding industry's market share has dropped significantly due to the rise of competitors in China and South Korea.