Mitsui, Sumitomo scrap merger
TOKYO, Japan (Reuters) -- Japanese chemical makers Mitsui Chemicals Inc and Sumitomo Chemical Co said on Monday they had decided to scrap a full-blown integration, scuttling plans to create the world's fifth-largest chemicals firm.
The two companies said in separate statements that they had failed to agree on a merger share swap ratio.
They had planned to integrate operations under a holding company in October 2003 and then complete a full merger six months after that.
Mitsui and Sumitomo said they might still pursue strategic alliances in specific areas.
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