Japan Energy Corp., the nation's fifth-largest oil refiner and wholesaler, said Friday that it has suspended talks with Nippon Mining & Metals Co. on creating a joint holding company at the request of the copper smelting subsidiary.
Japan Energy said it made the decision in view of a request by Nippon Mining to suspend the talks so as to clear up "a misunderstanding by parties concerned in the case."
"It is beneficial for both companies to consider this matter, but we agreed to suspend the talks in light of the request by Nippon Mining until the misunderstanding between the parties concerned is cleared," Japan Energy said in a statement.