Japan’s Hitachi nears deal to sell chemical unit to Showa Denko – Nikkei

TOKYO (Reuters) - Japanese conglomerate Hitachi Ltd is nearing a deal to sell its 51% stake in Hitachi Chemical Co Ltd to Showa Denko KK in a transaction that could be worth about 950 billion yen (£6.82 billion), the Nikkei https://ift.tt/2QKH9eq reported on Monday. Following the sale, Showa Denko, a chemical engineering group, buy the rest of Hitachi Chemical's outstanding shares through a tender offer, the newspaper said. Showa Denko said in a statement it was considering various options to boost its corporate value including the purchase of shares in Hitachi Chemical but that nothing had been decided.

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