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6581 - Hitachi Koki Co News Story

¥867 0.0  0.0%

Last Trade - 21/07/17

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £1.18bn
Position in Universe th / 3917

UPDATE 1-Hitachi considering selling power tools unit Hitachi Koki

Wed 28th December, 2016 12:26am
(Adds details from media report, share price) 
    TOKYO, Dec 28 (Reuters) - Hitachi Ltd  6501.T  said on 
Wednesday it was considering selling Hitachi Koki Co  6581.T , 
after a media report that it was in talks to offload the power 
tools unit to KKR & Co  KKR.N  for more than 150 billion yen 
($1.3 billion). 
    A sale would enable Hitachi to focus further on its main 
business segments like infrastructure, after shedding several 
noncore operations in recent years to bolster its profitability. 
    The Japanese conglomerate said in a statement that it was 
considering various options to strengthen its business, 
including the sale of Hitachi Koki, but that nothing had been 
decided. It did not name any prospective buyers. 
    The Nikkei business daily reported that negotiations between 
Hitachi and U.S. private equity firm KKR were in the final 
stages and that an official agreement could be reached next 
month. urn:newsml:reuters.com:*:nFWN1EM06I 
    KKR plans to buy all of Hitachi Koki's outstanding shares 
through a tender offer, and the company will be delisted from 
the Tokyo Stock Exchange, the Nikkei said without citing 
sources. 
    At 0023 GMT shares of Hitachi Koki were untraded amid heavy 
buy orders, indicated up 5 percent from Tuesday's close.  
    Hitachi shares had gained 1.1 percent. 
($1 = 117.4900 yen) 
 
 (Reporting by Chris Gallagher; Editing by Richard Pullin) 
 ((chris.gallagher@thomsonreuters.com; https://twitter.com/ChrisGallagher4; 
 81-3-6441-1842; Reuters Messaging: 
chris.gallagher.thomsonreuters.com@reuters.net)) 
 
Keywords: HITACHI KOKI M&A/KKR
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