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Market Chatter: Hitachi Exploring Sale of 8% Stake in Construction Machinery Unit

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Hitachi (TYO:6501) is considering selling about 8% of its stake in Hitachi Construction Machinery (TYO:6305) through block trades worth about 100 billion yen, Bloomberg News reported Tuesday, citing people familiar with the matter.

The deal could be disclosed as early as today and would reduce Hitachi's stake in the machinery maker to about 10%, according to the report.

Hitachi has been streamlining operations and shifting focus toward core areas such as information technology and energy. Last month, the company agreed to sell its home appliances business to Nojima (TYO:7419) as part of broader restructuring efforts, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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