Thai Union Group PCL has announced that it has received a letter of intent from Mitsubishi Corporation expressing its intention to make a general offer to acquire additional shares in the company.

Mitsubishi Corporation currently holds 6.19% of Thai Union’s issued shares (excluding treasury shares). The Japanese firm plans to acquire an additional 13.81%, equivalent to 532.3 million shares, bringing its total shareholding to 20%, the maximum stake it intends to hold. The proposed offer price is THB 12.50 (USD 0.39) per share, with Mitsubishi reserving the right to adjust the price in response to material changes.

Thai Union CEO Thiraphong Chansiri said that “Thai Union’s strategic alliance with Mitsubishi Corporation is a testament to the strength of our business and our shared vision for the future of the seafood industry. Together, we will accelerate our growth, enhance our competitiveness, and continue to deliver healthy, sustainable products to consumers worldwide. This partnership, built on decades of trust, will benefit all our stakeholders and solidify our position as a global seafood leader.”

The move will allow both companies to focus on concrete growth drivers, including strengthening Thai Union’s presence in key markets, combining the two companies’ strengths to grow in-demand seafood categories, and expanding into high-potential segments like pet food, all aligned with evolving consumer trends.

There is no change to the overall composition of Thai Union’s major shareholders, as Mitsubishi Corporation was already the fourth largest shareholder and sat on Thai Union’s board. There will be no changes in the senior leadership team either.