The deal will see Sasebo delisted from the Tokyo and Fukuoka stock exchanges to become a wholly owned Namura subsidiary.
Both companies have agreed to complete the deal in October 1 this year.
Namura president Tatsuhiko Namura said that the move is part of a survival strategy to create a shipbuilding company that can compete with the South Korean giants in terms of the scale of business and also develop the fuel efficient designs of the future.
He
