Hitachi considers partial sale of stake in Hitachi Construction - Nikkei

Credit: REUTERS/ARND WIEGMANN

Japan's Hitachi Ltd is considering selling about half of its roughly 51% stake in Hitachi Construction Machinery, the Nikkei business daily reported on Friday.

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).

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))

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