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TOKYO -- Hitachi Ltd. (J.HIT or 6501) and International Business Machines Corp. (IBM) said Tuesday they have reached a final accord to launch a joint venture aimed at integrating their hard disk drive operations. Under the accord, Hitachi will buy most of IBM's HDD-related assets over the next three years for $2.05 billion. The joint venture will be 70%-held by Hitachi at startup, but the Japanese firm will extend that to 100% in three years. The two electronics makers reached a preliminary agreement in mid-April to launch a joint venture this year. Updated June 3, 2002 8:09 p.m. EDT |
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