TOKYO: Showa Denko K.K., Japan’s No. 3 diversified chemicals supplier, agreed to pay more than double its own market value to buy its bigger rival Hitachi Chemical Co, a deal that would expand its car battery and high-function materials business.
Tokyo-based Showa Denko would pay as much as 964 billion yen (US$8.8bil) for all shares of the chemicals unit of Hitachi Ltd, one of Japan’s largest industrial conglomerates, it said in a statement.
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