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Dec 14, 2020 12:03 EEST
December 14 (SeeNews) - Turkish white goods manufacturer Arcelik [IST:ARCLK] said on Monday it is in negotiations with Japanese Hitachi Ltd to buy a 60% stake in the conglomerate's overseas white goods business for $300 million (246.7 million euro).
Discussions are ongoing and no board decision has been taken or binding contract has been signed over a potential deal, Arcelik said in a bourse filing.
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Arcelik published the announcement following a report by Japanese financial newspaper Nikkei about the potential deal. Through the transaction, Hitachi aims to expand overseas sales of its brand products and improve profitability, Nikkei reported on Saturday.
Arcelik noted in the bourse filing it had initially planned to postpone the announcement for the deal until negotiations are completed.
($ = 0.8223 euro)
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