Global private equity firms to bid for Hitachi's chemical unit - sources [Reuters]
HITACHI LTD ADR (HTHIY)
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Source: Reuters
Global private equity firms to bid for Hitachi's chemical unit: sources HONGKONG/FRANKFURT/TOKYO (Reuters) - Global private equity firms Bain Capital, Carlyle Group and KKR & Co are among potential bidders for Japanese conglomerate Hitachi Ltd’s chemical unit, three people familiar with the situation told Reuters. Hitachi plans to sell its majority stake in Hitachi Chemical and the process could start as early as this month, Reuters has reported. The conglomerate shortlisted a select group of financial sponsors and strategic suitors for the bidding process after initial conversations with interested parties earlier this year, two of the people said, declining to be identified as the information is confidential. The three private equity firms declined to comment. Hitachi owns 51.2 percent in its chemical unit, which is worth about $2.9 billion based on Hitachi Chemical’s $5.7 billion market value at Thursday’s close. Hitachi Chemical’s share price, which closed at 2,992 yen apiece Thu
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