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Business deals

Singapore's Wuthelam to take control of Nippon Paint for $12bn

Deal marks first purchase of a Japanese materials company by an Asian buyer

Wuthelam will lift its stake to 55% from 39% through a private placement of shares, with plans to complete the purchase in January 2021.

TOKYO -- Singaporean paint conglomerate Wuthelam will acquire a majority stake in Nippon Paint Holdings, Japan's largest coatings maker, in a deal valued at roughly 1.3 trillion yen ($12.3 billion), according to a Nippon Paint announcement on Friday.

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