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Business deals

Nippon Paint joins Singapore powerhouse to brush away rivals

Wuthelam's information network seen crucial to successful acquisitions

A Nippon Paint van seen in Kelana Jaya, Malaysia: The Japanese company seeks to make further inroads in Asia and the rest of the world under Wuthelam. (Photo by John Ragai)

TOKYO -- Nippon Paint took its 60-year partnership with Wuthelam one step further with its decision to become part of the Singaporean conglomerate, joining its expertise in product with its new parent's extensive resources to take on industry leaders.

Wuthelam will expand its stake in Nippon Paint to 58.7% from 39.6% through a private placement of shares in a roughly 1.3 trillion yen ($12.3 billion) deal announced Friday.

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