Japan’s NYK Line is to take over Mitsubishi Ore Transport Co (MOT) — a joint venture in which it holds a 40.28% stake.

NYK Line said it will buy all the MOT shares held by three other stakeholders — Mitsubishi Corp, Tokio Marine & Nichido Fire Insurance and Mitsubishi Heavy Industries (MHI).

NYK Line did not disclose the purchase figure but revealed that the company will become one of its wholly-owned subsidiaries.