Hitachi to Buy Clarion for $465 Million

Wednesday, October 11, 2006

Hitachi to Buy Clarion for $465 Million

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Japan's Hitachi Ltd. said it would spend up to $465 million to acquire car electronics maker Clarion.

Hitachi, Japan's largest electronics conglomerate and already Clarion's top shareholder with a 14 percent stake, said it would launch a tender offer for the remaining shares from October 25 at 230 yen apiece.

Hitachi said it would aim to grab at least a 50 percent stake in Clarion, one of the world's top makers of car navigation systems and car stereos, but it would buy the whole company if demand is strong.

Acquiring a 100 percent stake would cost Hitachi 55.67 billion yen ($465.2 million).