FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
SALE OF WHOLE SHARE IN ARCADIA
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2, 2005
Commission File Number 09929
MITSUI & CO., LTD.
(Translation of registrant's name into English)
2-1, OHTEMACHI 1-CHOME CHIYODA-KU, TOKYO 100-0004 JAPAN
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- _______
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: November 2, 2005
MITSUI & CO., LTD.
By: /s/ Kazuya Imai
-----------------------------------------
Name: Kazuya Imai
Title: Executive Director
Senior Executive Managing Officer
Chief Financial Officer
November 2, 2005
Mitsui & Co., Ltd.
For immediate release
To whom it may concern
SALE OF WHOLE SHARE IN ARCADIA
------------------------------
Mitsui & Co., Ltd reached a basic agreement with Farahead Holding Ltd. (*) on
the sale of the whole shares in Arcadia Petroleum Ltd. ("Arcadia"). We expect to
complete the share transfer before the end of January 2006, following the
fulfillment of conditions precedent including approval by the Financial Services
Authority in the United Kingdom.
(*) Farahhead Holding Ltd. was newly incorporated in Cyprus as the holding
company of Arcadia. The company is controlled by a group of investors
including a party directly affiliated with Seatankers Management Co. Ltd.
in Cyprus. This group has indirectly major investment in shipping companies
like Frontline, Golar LNG and Golden Ocean.
We will maintain our worldwide oil trading network through our four base
positions in Singapore, USA, Tokyo and London by concluding an alliance
agreement with Arcadia upon the share transfer. We will continue our current
business with Arcadia and are scheduled to place our representative in their
office to seek further business expansion with them. We will keep our capability
in terms of trading, marketing and intelligence through the alliance while
limiting our risk exposure. Our management policy with regard to the two other
subsidiaries specialized in oil trading, Mitsui Oil (Asia) Pte. Ltd. in
Singapore and Westport Petroleum Ltd. in the United States of America, remains
unchanged.
Arcadia was established in London in 1988 as a 100% subsidiary of Mitsui & Co.,
Ltd. While the world oil demand and that of Japan are over 80 million barrels
per day and 5 mil barrels per day respectively, Arcadia has been trading about
800,000 barrels per day of physical crude oil as well as a sizable volume of
future oil and oil derivatives. While it recorded its highest profit in history
of about US$57 million after tax in the fiscal year ended March 2005, its
expanding activity under booming oil prices have exposed us to larger risks such
as the market risk and will require more of our management resources. As a
result of the overall review with Arcadia's business model and our business
portfolio, we have come to the conclusion that it would be in the interest of
both Mitsui and Arcadia to sell the company to the new owner while its
performance is stable. In relation to the share sale of Arcadia, we expect that
the influence on the consolidated results will be insignificant.
For further information, please contact
Mitsui & Co., Ltd.
Corporate Communications Division
Tel: +81-3-3285-7562
Investor Relations Division
Tel: +81-3-3285-7910
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