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Sojitz signs agreement to acquire 5% of Vietnam tungsten supplier Masan High-Tech Materials

By Reuters News

HANOI, Nov 9 (Reuters) - Japan's Sojitz Corp 2768.T has signed a memorandum of understanding to acquire a 5% stake in Vietnamese tungsten producer Masan High-Tech Materials, the Vietnamese conglomerate said on Monday.

  • The stake will be purchased from Masan Group's wholly owned subsidiary, Masan Horizon, at a price no lower than that paid by Pentagon-backed Elmet in its investment in MSR, parent company Masan said in a statement

  • In September, Masan High-Tech announced that it would sell a 4.99% stake to Elmet Group in a deal valuing the company at about $2.5 billion, implying a value of roughly $125 million for the stake

  • The parties aim to sign definitive agreements by the end of the year, subject to due diligence and regulatory approvals, it added

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