Japan's Lixil agrees to buy Grohe for about $4 billion: Nikkei
TOKYO (Reuters) - Japanese bathroom equipment maker Lixil Group Corp (5938.T) has reached an agreement with the private equity owners of Grohe GROH.UL to buy the European company for about 400 billion yen ($4.05 billion), the Nikkei newspaper reported.
Lixil will announce the deal to buy Grohe from TPG Capital TPG.UL and the private equity arm of Credit Suisse (CSGN.VX) on Thursday, the newspaper said.
Grohe's owners had also been considering the option of exiting their investment by listing the company on the stock exchange but had decided by Wednesday to sell to Lixil, the Nikkei said.
Lixil could not be reached for comment. Lixil issued a statement in response to media reports earlier this week about talks to buy Grohe saying that it had not ruled out any acquisitions but that nothing had been decided.
Lixil has lined up more than 200 billion yen in loans from Japanese banks for a leveraged buyout of Grohe, the Nikkei said.
The newspaper said Lixil would establish a special-purpose company (SPC) to handle the transaction. Lixil would contribute about 130 billion yen to the SPC and the Development Bank of Japan about 50 billion yen, the newspaper said. ($1 = 98.6900 Japanese yen)
(Reporting by Nathan Layne; Editing by Paul Tait)
LONDON - Weaker stocks in parts of Europe were not enough to halt world shares on Monday, as upbeat Chinese trade data added to cautious optimism that the world's economy and markets can cope with a gradual withdrawal of U.S. stimulus.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.