Hitachi considers partial sale of stake in Hitachi Construction - Nikkei (updated)

Hitachi Construction Machinery

23/10/2020 04:43

(Adds Hitachi comment, context)
    TOKYO, Oct 23 (Reuters) - Japan's Hitachi Ltd  6501.T  is
considering selling about half of its roughly 51% stake in
Hitachi Construction Machinery  6305.T , the Nikkei business
daily reported on Friday.
    State-backed fund Japan Investment Corporation (JIC) may
invest in the subsidiary, the Nikkei added.
    A Hitachi Ltd spokeswoman said the company was considering
various options to boost its corporate value but that it would
not comment on individual cases.
    Representatives at Hitachi Construction could not be
immediately reached, while JIC didn't provide an immediate
comment.
    Reuters reported last month that Hitachi planned to launch a
sale of its materials unit, Hitachi Metals Ltd  5486.T , as
early as this month in a deal that could be worth more than 700
billion yen ($6.6 billion).  urn:newsml:reuters.com:*:nL4N2GQ1OD    
    Hitachi has been among the most aggressive of Japan’s
conglomerates in reorganising its business, selling non-core
assets while buying foreign businesses to expand its digital
footprint.

 (Reporting by Makiko Yamazaki, Chang-Ran Kim and Tetsushi
Kajimoto; Editing by Chang-Ran Kim and Muralikumar Anantharaman)
 ((tetsushi.kajimoto@thomsonreuters.com))