Sumitomo Corp. ADROTCPK - Current
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  • Sep. 2, 2014, 3:03 AM
    • The European trade body in China has dismissed reports stating Beijing was planning to require foreign auto parts suppliers in the country to form local joint ventures.
    • The rumors surfaced as Chinese regulators cracked down on the country's auto industry, seeking to enforce a 2008 antitrust law.
    • Last month, China issued $201M in fines against 12 Japanese companies for manipulating prices, while many foreign automakers have lowered their spare parts prices to appease local regulators.
    | Sep. 2, 2014, 3:03 AM
  • Aug. 20, 2014, 3:10 AM
    • China's anti-monopoly regulator has issued fines against 12 Japanese companies for colluding over prices of auto parts and bearings.
    • The penalties total 1.2B yuan ($201.8M) and fine companies including Hitachi (OTCPK:HTHIY), Sumitomo (OTCPK:SSUMY), Mitsubishi Electric (OTCPK:MIELY), Jtekt (OTCPK:JTEKY) and Denso (OTCPK:DNZOY).
    • China has been increasing its efforts to bring companies into compliance with an anti-monopoly law enacted in 2008, and has recently taken aim at the country's auto sector.
    | Aug. 20, 2014, 3:10 AM
  • Oct. 25, 2013, 5:29 AM
    • Rio Tinto (RIO) is reportedly in advanced negotiations to sell its 50.1% holding in a coal mine in Australia to Glencore Xstrata (GLCNF; GLNCY) and Japan's Sumitomo (SSUMY; SSUMF) for around $1B.
    • Glencore Xstrata and Sumitomo would each buy half of Rio's stake in the Clermont mine in the state of Queensland. The deal could be signed today.
    • The sale is part of Rio's strategy of divesting assets as it looks to cut debt that reached almost $19B last year.
    • Update: The sale is confirmed for $1.015B.
    | Oct. 25, 2013, 5:29 AM
  • Oct. 1, 2013, 8:17 AM
    • Edgen Group (EDG) +56.4% premarket after Sumitomo (SSUMY.PK) agrees to buy the distributor of specialty products to the energy and infrastructure markets for $12/share, a 58% premium over Monday's close.
    • EDG has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.06B in 2012 with 660 employees and operations in more than 35 locations in 18 countries.
    • EDG launched an IPO in April 2012, pricing at $11, below its expected $14-$16 range, and has traded below $9 for most of the time since.
    | Oct. 1, 2013, 8:17 AM
  • Jan. 15, 2013, 2:17 PM

    Sumitomo Corp. (SSUMY.PK) and Sumitomo Metal Mining (SMMYY.OB) agree to participate in a $1.7B expansion at Freeport McMoRan's (FCX) Morenci mine in Arizona to increase copper production by 43% to 400K metric tons. The Japanese companies' share in the increase will be 15%, same as their equity stake in the mine; they will bear $260M of the costs of the increase.

    | Jan. 15, 2013, 2:17 PM | 3 Comments
  • Apr. 18, 2011, 1:19 PM

    Google (GOOG) is joining Sumitomo (SSUMY.PK) and Itochu (ITOCY.PK) in a $500M investment in a GE wind farm in Oregon, the world's largest. Another big sector move for Google, which has invested more than $350M in clean energy.

    | Apr. 18, 2011, 1:19 PM | 2 Comments