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Business deals

Oji to raise Mitsubishi Paper stake to 33%

Team-up comes as industry coalesces around top players

Oji Holdings President Susumu Yajima, left, with Kunio Suzuki, president and CEO of Mitsubishi Paper Mills.

TOKYO -- Oji Holdings will invest some 10 billion yen ($91.5 million) in Mitsubishi Paper Mills, lifting its 2.3% stake to 33% as Japan's top- and sixth-ranked papermakers deepen their alliance amid a shrinking market.

The deal announced Tuesday will make Mitsubishi Paper an equity-method affiliate of Oji. The additional investment is slated for completion between July 2018 and December 2019.

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