Mitsui Chemicals is buying photoresist maker JSR from state-backed Japan Investment Corp. for ¥1.84 trillion, according to Dan Nystedt's relay of Singapore's CNA.

Concept illustration: two hands hold a black-framed, round-cornered screen from the left and right; on it a building lettered JAPAN INVESTMENT CORP stands at left, a building lettered MITSUI CHEMICALS at right, and between them a low factory with two chimneys and a rooftop sign lettered JSR, while the black lower frame reads MITSUI CHEMICALS in white beside a blue curved mark. A large heap of red-orange coin-like discs sits in front of the left building, and a single-file line of discs runs from the dark doorway of the right building along the ground in front of the factory, leftward to the heap. Printed on the image: ¥1.84tn Mitsui Chemicals' price for JSR, per Nystedt.

Ownership of a photoresist supplier moves from a state-backed fund to a private chemicals group at more than twice what the fund paid in 2023, and that price gap doesn't show that material margins doubled. Japan Investment Corp. paid ¥904 billion in 2023, so ¥1.84 trillion is about 2.04 times that (our calculation). The relay doesn't say whether both prices cover equity only and exclude debt. The Development Bank of Japan is separately investing ¥200 billion. Mitsui also has a ¥1.64 trillion bridge loan, and up to ¥150 billion of that is planned to be repaid with proceeds from issuing new shares (Dan Nystedt, 2026-11-09). Mitsui Chemicals' investor-relations page lists the notice of the share purchase agreement for this deal (Mitsui Chemicals, 2026-11-09). Mitsui's shares fell about 13% intraday after the news, and Nystedt's post gives no reason. Next to watch: the synergies and completion timetable in Mitsui's notice. How we checked →

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This item ran in the brief of Nov 9, 2026, alongside 14 other items. How we checked it, the quote checks and what was still missing that day are on that issue's How we checked page.

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SecondSource (2026). "Mitsui Chemicals is buying photoresist maker JSR from state-backed Japan Investment Corp. for ¥1.84 trillion, according to Dan Nystedt's relay of Singapore's CNA.." https://secondsource.io/en/news/2026-11-09-3/. Accessed access date.