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Hitachi nearing deal to sell chemical unit to Showa Denko - Nikkei

Nov 25 (Reuters) - Japan's Hitachi Ltd is nearing a deal to sell its unit Hitachi Chemical to Showa Denko in a transaction that could be worth about 950 billion yen ($8.74 billion), the Nikkei here reported on Monday.

If a deal is reached, Showa Denko, a chemical engineering group, would purchase Hitachi’s 51% stake in Hitachi Chemical, then buy the rest of the shares through a tender offer, the report said.

Hitachi and Showa Denko were not immediately available to comment outside of business hours. ($1 = 108.64 yen) (Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel)

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