Molex announces settlement of litigation with Mizuho Bank Molex Incorporated (MOLX) has settled litigation with Mizuho Bank (MFG), which commenced in Tokyo District Court in August 2010, regarding previously reported unauthorized loans. The charge for the quarter ending March 31, 2013 related to this settlement is expected to approximate between $21M-$23M before tax based on current foreign exchange rates. Under the terms of the settlement agreement, Molex agreed to pay Mizuho $183M based on current foreign exchange rates and Mizuho agreed to dismiss the district court proceedings and release approximately $4.6M that the bank has held since 2010. In addition, Mizuho agreed to release Molex from any future claims relating to the unauthorized loans and provisional attachments.
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Molex receives all control clearances for merger with Koch Industries Molex announced that it has received all required merger control clearances with respect to its previously announced merger agreement to be acquired by Koch Industries. The parties now expect the transaction to close on or about December 9, following the satisfaction of customary closing conditions.