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CORPORATE NEWS [latest news list] October 5, 2006
Commencement of O.Y.L. Acquisition

Having received approval by the European Commission to proceed with the acquisition (hereafter referred to as the "Acquisition") of the Malaysian enterprise O.Y.L. Industries Bhd. (Headquarters: Kuala Lumpur, and hereafter referred to as "OYL"), Daikin Industries, Ltd. will commence with the transfer of stock through the negotiated transactions between two (2) principal shareholders in addition to a Mandatory General Offer in Malaysia involving the same company.

As previously mentioned, the "Acquisition" will involve the purchase of common stock at a share price of 5.73 Malaysian Ringgits (hereinafter RM) per 1 share of stock (approximately 180 yen: 1 RM, 31.5 yen conversion rate, same as below) with Daikin intending to acquire 100% ownership of "OYL" stock. In the case of 100% acquisition of shares, the total purchase price is expected to be RM7,608 million (approximately 239 billion yen). "Acquisition" will occur in the following two steps:

1. Stock Transfer by Negotiated Transactions
Daikin will acquire stock (totaling approximately 45.2%) through negotiated transactions from Hong Leong Secretarial Services Sdn. Bhd., a privately held subsidiary of the Malaysian financial group Hong Leong Group Holdings, a major Malaysian investment holding group and largest "OYL" shareholder with approximately 40% of the total amount of OYL issued stock, as well as from Mr. Liu Wan Min, the "OYL" president and highest ranking management executive and holder of 5.2% of the total amount of "OYL" issued stock. The purchase price is approximately RM3,441 million (approximately 108 billion yen).

2. Remaining Shares through Mandatory General Offer (Maximum of approximately 54%)
(1) Period of Mandatory General Offer is from October 6, 2006 to October 27, 2006 (scheduled with possibility of extension).
(2) Assuming that all shares are purchased, the total price of acquisition price total is projected to be RM4,167 million (approximately 131 billion yen).
End of Report

  For more information, please contact
     Daikin Industries, Ltd.
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