December 18, 2019 / 6:22 AM / a month ago

Hitachi to sell chemical unit to Showa Denko for $4.55 bln

TOKYO, Dec 18 (Reuters) - Hitachi Ltd said on Wednesday it would sell its listed chemicals unit to electronic materials maker Showa Denko for 494 billion yen ($4.55 billion) as the Japanese industrial conglomerate overhauls its business portfolio.

Showa Denko said it was offering to pay a total of 964 billion yen for shares in Hitachi Chemical, including from Hitachi as well as the market.

Showa Denko beat off rival bids from Nitto Denko Corp , U.S. buyout funds Bain Capital LP and Carlyle Group LP. Hitachi Chemical is a supplier of materials for semiconductors, displays and lithium-ion batteries. ($1 = 108.6400 yen) (Reporting by Makiko Yamazaki and Ritsuko Ando Editing by Shri Navaratnam)

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