Hitachi to sell half its digger unit stake for $1.6 billion
Japanese industrial conglomerate Hitachi Ltd. will sell about half of its stake in its construction machinery unit to a group including Itochu Corp. for 182.5 billion yen ($1.6 billion). The company will sell a 26.1% holding in Hitachi Construction Machinery Co. for 3,300 yen a share in June, Tokyo-based Hitachi Ltd. said Friday in a statement. That’s a premium to its closing price of 2,976 yen. Hitachi will retain a 25.4% stake after the sale, which also includes Japan Industrial Partners Inc. as a buyer. For Hitachi, the sale is…
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