HONG KONG/TOKYO : Japan's Fujitsu Ltd has kicked off an auction process for its listed air-conditioning manufacturing unit Fujitsu General Ltd with initial bids due on Friday, people with knowledge of the matter said.
The sale is expected to attract interest from multiple private equity firms and strategic investors, said the people, who declined to identified as the talks are private.UBS declined to comment. Lazard and Fujitsu General could not be reached for immediate comment. Fujitsu has said it plans to sell its 42 per cent stake in Fujitsu General, as the Japanese electronics conglomerate accelerates its business overhaul. A Fujitsu spokesperson said the company cannot comment further.
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