(Reuters) - Japan's Hitachi Ltd (T:6501) is nearing a deal to sell its unit Hitachi Chemical (T:4217) to Showa Denko (T:4004) in a transaction that could be worth about 950 billion yen (7.45 billion pounds), the Nikkei https://asia.nikkei.com/Business/Business-deals/Hitachi-nears-sale-of-core-chemical-unit-to-Showa-Denko reported on Monday.
If a deal is reached, Showa Denko, a chemical engineering group, would purchase Hitachi's 51% stake in Hitachi Chemical, then buy the rest of the shares through a tender offer, the report said.
Hitachi and Showa Denko were not immediately available to comment outside of business hours.