Japan's Mitsubishi to boost stake in canned tuna producer Thai Union Group

Mitsubishi has made an offer to increase its stake in Thai Union Group Public Company, a major canned tuna producer, to 20 from 6.19 per cent, both companies said on Monday, as the Japanese trading house expands further into the food business.

Mitsubishi was seeking to buy 532,273,639 shares in the company, or 13.81 per cent, according to the Thai company. Based on the offering price of 12.5 Thai baht ($0.3853) per share disclosed by Mitsubishi, the deal is worth around $205 million.