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Hitachi Ltd to Announce Purchase of ABB's Power Grid Business

Hitachi Ltd and ABB will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group's power grid business for up to $7 billion, the Nikkei business daily reported.

 

The two companies, which have previously said they were in talks, will hold a news conference later on Monday, the business daily said. The report said the acquisition was likely to total around 600 billion to 800 billion yen ($5.3 billion to $7 billion).

 

A Hitachi spokesman declined to confirm the report, saying it was not something it announced.

 

($1 = 113.4800 yen)

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