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Japan's Lixil to buy Grohe in 3bn euro deal

AFP
German sanitary fittings maker Grohe said Thursday it is being taken over by Japanese housing and building materials company Lixil in a deal to form the world's largest player in the sector.

German sanitary fittings maker Grohe said Thursday that Japanese housing and building materials company Lixil has agreed to take it over in a deal valuing the German group at 3.06 billion euros ($4.1 billion).

Grohe "has entered into an agreement with Lixil and Development Bank of Japan in relation to the sale of an 87.5-percent equity interest in Grohe. This transaction represents the largest ever German investment by a Japanese company," the German group said in a statement.