Hitachi to merge auto parts affiliate Tokico

Newswire

TOKYO, March 26 (Reuters) - Japan's Hitachi Ltd said on Friday it would merge its car parts affiliate Tokico Ltd to strengthen its auto components operations in a 37 billion yen ($349.1 million) share exchange deal. One Tokico share will be exchanged for 0.521 Hitachi share, said Hitachi, Japan's largest electronics conglomerate. Based on Friday's closing prices of 329 yen for Tokico and 829 yen for Hitachi, Tokico shares were valued at a 31 percent premium in setting up the exchange ...

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