Japanese industrial conglomerate Hitachi 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). Moneyweb BusinessNews
Japanese industrial conglomerate Hitachi will sell about half of its stake in its construction machinery unit to a group including Itochu Corp. for 182.5 billion yen . 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.
Itochu and Hitachi Construction Machinery have already operated a joint venture in Indonesia for 30 years. The deal will help Hitachi Construction develop an independent distribution and service network for its products in North America, after it announced plans to end a longtime alliance with US partner Deere & Co. last year. Hitachi Construction Machinery shares plunged 18% on Friday, the biggest drop since October 2008, a day after broadcaster NHK reported the sale of the company.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Google will spend $1bn on new London campus in a big bet that employees will return to the officeGoogle's new $1 billion London office will be complete with campfire spaces, outdoor covered working areas, and quiet zones for employees.
Read more »
Indonesian student's selfies fetch $1m in NFT salesAn Indonesian college student has become an internet sensation after trade in the digital rights to his selfies fetched more than $1-million on a NFT platform
Read more »
Mhango double keeps Malawi in hunt for historic second-round placeThe forward from South African club Orlando Pirates netted in each half.
Read more »
DAKAR Day 12 | Stephane Peterhansel a Dakar stage winner againToyota's Al Attiyah retains a half-hour lead with two stages left
Read more »
Classy fillies from top stables clash in Swallow StakesPaul Peter’s Big Burn and Sean Tarry’s Under Your Spell in the running for Turffontein race win
Read more »
Fledge Capital buys 25% stake in USNInvestment will enable sports nutrition maker to focus on product development
Read more »