TOKYO, Aug 4, 2025 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has reached an agreement with Thai Union Group Public Company Limited (TU) to enter into a business alliance agreement ("Agreement"). Concurrent with the Agreement, MC intends to acquire 13.81% of TU's total issued shares (excluding treasury shares) via a general offer, increasing its stake from 6.19% to 20% (the "General Offer"). Upon completion of the General Offer, TU will become an equity-method affiliate of MC.
Global demand for seafood continues to rise, driven by population growth and shifting consumer preferences in line with economic development. Among the various seafood products, tuna stands out for its widespread appeal across both developed and emerging markets. Its stable supply is carefully managed under strict resource sustainability guidelines. Tuna is highly versatile-used in frozen and chilled sushi/sashimi, shelf-stable canned products, and, more recently, in pet food products, a category that has seen notable growth in demand. TU is one of the world's largest seafood processing and sales companies and a market leader in canned tuna and wet pet food made from tuna. Since MC's initial investment in TU in 1991, the two companies have cultivated a strong relationship over more than 30 years, collaborating across broad seafood-related businesses, including canned tuna, pet food, and frozen products such as salmon and shrimp. Through this agreement, MC and TU aim to maximize value across the seafood value chain by leveraging their respective strengths in procurement, processing, and sales, while enhancing global synergies and ensuring a stable supply of high-quality products that meet consumer needs.
About Thai Union Group Public Company
Headquarters: 72/1 Moo 7, Sethakit 1 Road, Tarsrai Sub-District, Mueang Samut Sakhon District, Samut Sakhon Province, Thailand
President & CEO: Thiraphong Chansiri
Established Year: 1977
Business Overview: Manufacturing and sales of processed seafood products, including canned tuna, pet food, and frozen seafood.
About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business enterprise that develops and operates business together with its offices and subsidiaries worldwide. MC has eight Business Groups that operate across virtually every industry: Environmental Energy, Material Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.
Website: Company Profile | About Us | Mitsubishi Corporation
About General Offer
The maximum acquiring percentage: 13.81% of TU's total issued shares (excluding treasury shares)
The offer price: 12.5 THB per share*
* Subject to a possible adjustment if any circumstances arise which may materially impact the offer price
Note: The formal announcement and commencement of the General Offer is subject to fulfilment of certain conditions precedent.
Materiality
Based on the Three Corporate Principles, which serve as MC's core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. While continuously creating Shared Value guided by the Materiality, a set of crucial societal issues, MC will continue to strengthen its efforts towards sustainable corporate growth. Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to "Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually", this project's activities particularly support "Conserving and Effectively Utilizing Natural Capital" and "Promoting Stable, Sustainable Societies and Lifestyles".
Inquiry Recipient
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Source: Mitsubishi Motors
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