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Stocks

Hitachi drawing down Maxell stake

Continued divestment underscores former subsidiary's independence

TOKYO -- Hitachi will reduce its stake in Maxell Holdings from 14.62% to 3.01%, the Japanese conglomerate said Friday, relinquishing its position as the top shareholder.

Hitachi is gradually selling off its stake in the company to reaffirm the independence of Maxell's management. It will keep the remaining shares for now. Maxell changed its name from Hitachi Maxell on Oct. 1.

Hitachi will sell 5,386,200 shares to SMBC Nikko Securities with an overallotment option of up to 807,900 shares for a total of 6,194,100 shares. SMBC Nikko is expected to resell a portion of the stock to foreign investors.

Concurrently, Maxell will buy back 620,000 shares -- just over 1% of issued stock -- to mitigate the sale's impact on its share price. Although Hitachi and Maxell are scaling down capital ties, the two plan to continue cooperating on research and development of storage cell batteries, automobiles and other growth fields.

(Nikkei)

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