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United Technologies buying stake in Japan's Fujitec
TOKYO (Reuters) - U.S. manufacturing giant United Technologies Corp (UTX.N) is buying an 11.17 percent stake in Japan's Fujitec from activist fund Dalton Investments LLC for 7.3 billion yen ($67 million), according to a regulatory filing.
The Connecticut-based firm which makes products ranging from aircraft engines to air conditioners is also the world's largest maker of elevators. Its Japanese subsidiary, Nippon Otis Elevator Co set up a joint venture with Matsushita Electric Industrial Co (6752.T) in 2005.
United Technologies regards the investment as strategic and if the deal is approved by regulators in Japan and the United States, it will set about establishing even closer ties with Fujitec, a source familiar with the matter said.
It will be Fujitec's largest shareholder with 15.97 percent of the stock after buying the 10.477 million shares from Dalton at 695 yen per share. Dalton will retain a 4.1 percent share in the company.
Reuters reported in May that Dalton would consider selling its shares to United Technologies, if its primary goal of persuading Fujitec's management to go private and restructure the business failed.
Shares in Fujitec were down 0.7 percent at 595 yen as of 10:59 p.m. EST. Dalton had proposed an management buyout in April at 900 yen per share.
(Reporting by Alison Tudor)
