Paloma Rheem Holdings Co., Ltd., the Japan-headquartered leading air conditioning and water heating company, has announced it intends to make a tender offer (the "Tender Offer") to acquire all outstanding common shares of Fujitsu General Limited with the intention to make Fujitsu General a wholly-owned subsidiary.

At a meeting of the Board of Directors of Fujitsu General Limited held Monday 6^th January 2025, the Board expressed its support for the Tender Offer by Paloma Rheem Holdings for the shares of Fujitsu General and recommended that the Company’s shareholders tender their shares in the Tender Offer, with the intention of making Fujitsu General a wholly-owned subsidiary of Paloma Rheem Holdings Co., Ltd. Subject to the fulfilment of necessary conditions, including regulatory approvals from domestic and international competition authorities, the Tender Offer is expected to commence in July 2025.

While the market for air conditioners, Fujitsu General’s core business, is expected to expand over the medium to long term in response to the global trend toward decarbonisation, competition is intensifying in the global marketplace, and it is imperative to build a swift and robust structure to ensure sustainable growth.

Philip Perham, managing director, Fujitsu General Australia and New Zealand, said, “Fujitsu General already has a cooperative relationship with Paloma Rheem Holdings. Through this proposed acquisition, both companies will be able to strengthen their competitiveness in the global market and achieve sustainable business growth into the future. Fujitsu General remains committed to reinforcing collaborative partnerships with all its valued partners and will continue to take all possible measures to provide a stable supply of products and services, as well as to engage in business activities with higher added value than ever before.”

For further information please refer to Fujitsu General Limited Global News  

by Fujitsu General Australia | Jan 07, 2025