Sammy compra el 22.4% de Sega

Sammy to Buy a 22.4% Stake in Video-Game Maker Sega (Update3)

Dec. 8 (Bloomberg) -- Sammy Corp., Japan's largest maker of pachinko pinball machines, agreed to buy a 22.4 percent stake in Sega Corp. for 45.3 billion yen ($421 million), reviving a merger bid that failed in May when the two failed to agree on strategy.

Sammy will buy the stake in Sega, the video game developer that invented Sonic the Hedgehog, from CSK Corp. at about 13 percent more than its value based on today's closing share price. Sammy President Hajime Satomi told reporters in Tokyo his company may increase the stake.

The purchase renews efforts by Satomi to combine with Sega, which returned to profit this year for the first time in six years after ditching its Dreamcast video console business. It ends a relationship forged 20 years ago by CSK's late founder, Isao Okawa, who helped to cover losses Sega suffered to wind up the console business in March 2001, shortly before his death.

Sega and Sammy ``need to show investors how much they plan to invest,'' said Akihide Kinugawa, who helps manage the equivalent of about $178 million at T&D Asset Management Co. ``It's unclear what they're up to.''

Satomi said he expects to join Sega's board ``as soon as possible.'' Sega said in a statement that the two companies will cooperate on some businesses, without commenting in detail management control or strategy.

Loosening Ties

Okawa, one of the fathers of Japan's software industry, led CSK's purchase of Sega in 1984 and donated 85 billion yen worth of securities from his personal fortune to cover Sega's losses. Following his death, CSK's hold on Sega began to loosen, with company executives saying the Sega stake was solely for investment purposes.

Sega's shares have surged 52 percent since May 8th when the two companies abandoned their plans to merge, bringing the video- game maker's market value to 179.3 billion yen.

Sega's shares rose 5 yen, or 0.5 percent, as of 3 p.m. in Tokyo Stock Exchange trading before the announcement.

CSK will post a 17 billion yen gain in the year ending March 31 following the sale, the computer-systems developer and Web consultant said.
Last Updated: December 8, 2003 03:43 EST