Hitachi nearing deal to sell chemical unit to Showa Denko - Nikkei

(Reuters) - Japan's Hitachi Ltd <6501.T> is nearing a deal to sell its unit Hitachi Chemical <4217.T> to Showa Denko <4004.T> in a transaction that could be worth about 950 billion yen (7.45 billion pounds), the Nikkei https://asia.nikkei.com/Business/Business-deals/Hitachi-nears-sale-of-core-chemical-unit-to-Showa-Denko reported on Monday.

If a deal is reached, Showa Denko, a chemical engineering group, would purchase Hitachi's 51% stake in Hitachi Chemical, then buy the rest of the shares through a tender offer, the report said.

Hitachi and Showa Denko were not immediately available to comment outside of business hours.

(Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel)