Japan’s Hitachi Ltd has started the formal process for the sale of its $5.6 billion (£4.5 billion) chemical unit with initial bids due in August, people familiar with the matter said, a deal that is expected to draw interest from global private-equity firms.
Hitachi has asked potential bidders to submit first-round bids for Hitachi Chemical Co, four people said, declining to be identified as the information is not public.
