June 9, 2020 / 12:13 AM / 25 days ago

Japan's Lixil Group to discuss Lixil Viva stake sale at board meeting

TOKYO, June 9 (Reuters) - Lixil Group said on Tuesday it would discuss the possible sale of its stake in Lixil Viva at a board meeting on the same day, in a deal the Nikkei business daily reported could reach around 100 billion yen ($923 million).

The Nikkei reported earlier that the Japanese luxury toilet maker planned to offload its entire 53% interest in Lixil Viva, an operator of home improvement stores, to Arcland Sakamoto via a tender offer.

Lixil Group said in a statement the reports by the Nikkei and others were not based on any announcement it had made. The company said it would make a prompt announcement if any developments warranted disclosure.

Arcland Sakamoto said in a separate statement it would discuss the reported tender offer at a board meeting on Tuesday.

$1 = 108.4000 yen Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman

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