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Business deals

$4.4bn buyout of Nasdaq-listed 51job hangs on Japan's Recruit

Chinese group's key shareholder faces decision on whether to support US delisting deal

Recruit Holdings owns 34.8% of 51job but is not part of the group bidding to take the Chinese company private. (Source photos by Yuki Kohara and Jiji) 

HONG KONG -- Tokyo blue-chip Recruit Holdings, one of Japan's biggest staffing services groups, faces a decision that could make or break a $4.39 billion bid to take former Chinese business ally 51job private and delist its shares from the Nasdaq Stock Market.

Recruit first invested in 51job in 2006 and still holds 34.8% of its Chinese counterpart, where a management-linked group put forward a renewed proposal on May 4 to acquire all outstanding shares of the company.

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