Hitachi, Mitsubishi Heavy up after combining thermal power ops

TOKYO Thu Nov 29, 2012 7:14pm EST

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TOKYO (Reuters) - Shares of Hitachi Ltd (6501.T) and Mitsubishi Heavy Industries Ltd (7011.T) rose sharply on Friday after the two companies said they would combine their thermal power businesses to compete against bigger overseas rivals such as General Electric Co (GE.N).

Hitachi shares, the most traded on the main board by turnover, rose 2.8 percent to 470 yen, a two-month high.

Mitsubishi Heavy climbed 3 percent to 383 yen, hitting a seven-month high. It was the second-most traded stock.

(Reporting by Dominic Lau; Editing by Michael Watson)

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