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Updated Friday, November 20, 2009 11:05 am TWN, Bloomberg

Mitsubishi Chemical to pay US$2.43 bil. for Rayon

TOKYO -- Mitsubishi Chemical Holdings Corp., Japan's biggest chemical maker, agreed to buy Mitsubishi Rayon Co. for as much as 217 billion yen (US$2.43 billion) to reunite with the synthetic-fiber maker almost 60 years after they split. Mitsubishi Rayon investors will be offered 380 yen a share, 40 percent more than the closing price Wednesday, the two Tokyo- based companies said in a statement. Mitsubishi Chemical shares fell the most in almost six months.

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