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Business deals

Hitachi nears sale of core chemical unit to Showa Denko

KKR and Carlyle had shown interest in estimated $8bn deal

Hitachi is shifting focus from heavy industry to connected technologies, such as robotics. (Photo by Shunsuke Tabeta)

TOKYO -- Hitachi has moved closer to selling subsidiary Hitachi Chemical with the choice of Japanese materials group Showa Denko as its preferred negotiating partner for a deal poised to reach 900 billion yen ($8.26 billion), Nikkei has learned.

Hitachi has sought a buyer for the chemical unit, one of the industrial group's crown jewels, since May. The boards of both the parent and Hitachi Chemical on Monday backed Showa Denko for exclusive negotiations.

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