三井化學將以116億美元收購晶片材料公司JSR

安東・布里奇（Anton Bridge）與浦中美穗（Miho Uranaka）報導By Anton Bridge and Miho Uranaka

東京，11月9日（路透社）——三井化學（Mitsui Chemicals）週一表示，將以1.84兆日圓（116.1億美元）向政府支持的基金產業革新投資機構（Japan Investment Corp）收購晶片製造材料商JSR，日本政策投資銀行（Development Bank of Japan）也將參與投資。TOKYO, Nov 9 (Reuters) - Mitsui Chemicals said on Monday it will acquire chipmaking materials maker JSR from state-backed fund Japan Investment Corp for 1.84 trillion yen ($11.61 billion), with the Development Bank of Japan also investing.

這筆交易是日本化學產業規模最大的一宗交易，並有望在政府推動提升競爭力之際重塑晶片供應鏈。交易規模超過昭和電氣（Showa Denki）2020年以45.5億美元收購日立化成（Hitachi Chemical）的交易。The deal is the largest in Japan's chemicals sector and stands to reshape the chip supply chain as the government moves to boost its competitiveness. It exceeds Showa Denki's $4.55-billion acquisition of Hitachi Chemical in 2020.

收購JSR雖將大幅擴大三井化學的晶片材料事業，但市場人士正質疑這筆交易的商業合理性，以及該價格將帶來的沉重債務負擔。While acquiring JSR will significantly expand Mitsui Chemicals' chip materials business, market participants are questioning the business rationale and the heavy debt load the price will entail.

三井化學執行長市村聰（Satoshi Ichimura）在記者會上表示，收購JSR「不只是為了強化我們的半導體材料事業，而是一項加速轉型我們投資組合的策略性交易」。Buying JSR is "not simply about strengthening our semiconductor materials business, but a strategic deal to accelerate the transformation of our portfolio," Mitsui Chemicals CEO Satoshi Ichimura told a press conference.

根據申報文件，三井化學將出售價值最多1500億日圓的股票，以協助籌措這筆交易資金，並取得1.64兆日圓過橋貸款，其中一部分將透過增資償還。Mitsui Chemicals will sell shares worth up to 150 billion yen to help finance the transaction, according to a filing, and take out a bridge loan of 1.64 trillion yen, to be partially paid back through the equity raise.

此外，該公司將取得銀行貸款、發行債務並使用夾層融資，以鞏固資本基礎來支應這筆交易。In addition, it will take out bank loans, issue debt and use mezzanine financing to shore up its capital base to fund the transaction.

日本政策投資銀行將投資2000億日圓。其持股將轉換為無表決權特別股。DBJ will invest 200 billion yen. Its stake will be converted into non-voting preferred shares.

三井化學股價週一下挫8.5%，延續上週路透社報導該公司是JSR最終買家後的跌勢。Shares of Mitsui Chemicals slumped 8.5% on Monday, extending their slide when Reuters reported it was the final buyer for JSR last week.

倫敦證券交易所集團（LSEG）資料顯示，以週五收盤價計算，三井化學市值為6646億日圓。Mitsui Chemicals' market capitalisation stood at 664.6 billion yen, LSEG data showed, based on Friday's closing price.

由日本財務省監管的產業革新投資機構2024年以9000億收購JSR時曾表示，計畫利用這項事業推動半導體材料產業整併。When JIC, which is overseen by Japan's finance ministry, bought JSR for 900 billion in 2024, it said it planned to use the business to drive consolidation in the semiconductor materials sector.

不過，該基金如今改將JSR出售給一家國內化工大廠，趁著AI熱潮帶動晶片相關企業估值上升之際出場。The fund is instead selling JSR to a domestic chemical major as it takes advantage of a lift in the valuation of chip-related firms fuelled by the AI boom.

JIC Capital執行長池內省五（Shogo Ikeuchi）表示，這些公司在不同材料方面各有強項，但「單純擁有這些材料，並不代表它們能立即產生重大綜效」。The companies have strengths in different materials, but "simply having these materials does not mean they can immediately generate significant synergies," said Shogo Ikeuchi, CEO of JIC Capital.

他說，藉由運用彼此的技術、人才與事業基礎，它們「可能創造重大的新成長機會」。By leveraging each other's technology, talent and business foundations they "could create significant new growth opportunities," he said.

三井化學表示，計畫出售JSR的生命科學部門及其他非核心事業，以提升JSR價值，目標是在三年內恢復健全的財務狀況。Mitsui Chemicals plans to sell off JSR's life sciences unit and other non-core businesses to raise JSR's value, aiming to regain a sound financial position within three years, it said.

JST生產用於將電路圖案轉印到半導體晶圓上的光阻劑。三井化學表示，該公司正擴大晶片材料事業，並希望透過收購JSR，每年增加400億日圓獲利。JST makes the photoresists used to transfer circuit patterns onto semiconductor wafers. Mitsui Chemicals is expanding its chip materials business and aims for additional annual profit of 40 billion yen through the JSR buy, it said.

池內表示，自春季以來的磋商中，曾考慮七、八家潛在買家。路透社5月率先報導，產業革新投資機構正考慮出售JSR。Ikeuchi said seven or eight potential buyers were considered in talks held since spring. Reuters first reported JIC was considering selling JSR in May.

池內表示：「我們最重視的是，（買方）能否成為支撐5年或10年後日本的半導體材料平台。」"We placed the greatest importance on whether (the buyer) could become a semiconductor materials platform that supports Japan five or 10 years from now," Ikeuchi said.

（1美元=158.4500日圓）($1=158.4500 yen)

（安東・布里奇與浦中美穗採訪報導；山姆・納西（Sam Nussey）撰稿；Clarence Fernand與Christopher Cushing編輯）(Reporting by Anton Bridge and Miho Uranaka; Writing by Sam Nussey; Editing by Clarence Fernand and Christopher Cushing)