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| German bathroom firm Grohe sold to Japan's Lixil | German bathroom firm Grohe sold to Japan's Lixil |
| (about 4 hours later) | |
| Luxury bathroom fittings maker, Grohe, has agreed to a takeover offer from Japanese building materials company Lixil. | Luxury bathroom fittings maker, Grohe, has agreed to a takeover offer from Japanese building materials company Lixil. |
| Under the deal Lixil and the Development Bank of Japan have agreed to buy an 87.5% stake in the German firm, valuing it at $4.1bn (£2.5bn). | |
| It is the biggest ever takeover of a German firm by a Japanese company. | It is the biggest ever takeover of a German firm by a Japanese company. |
| Grohe is owned by the private equity firm TPG Capital and the private equity business of Credit Suisse. | Grohe is owned by the private equity firm TPG Capital and the private equity business of Credit Suisse. |
| The German firm employs around nine thousand staff worldwide and has nine factories, including plants in Portugal, Thailand, Canada and China. | The German firm employs around nine thousand staff worldwide and has nine factories, including plants in Portugal, Thailand, Canada and China. |
| Together the two companies will become the world's biggest maker of bathroom and kitchen accessories. | Together the two companies will become the world's biggest maker of bathroom and kitchen accessories. |
| In its most recent earnings announcement Grohe said that sales in the first half of 2013 rose 5% to 730m euros ($987m, £614m). | In its most recent earnings announcement Grohe said that sales in the first half of 2013 rose 5% to 730m euros ($987m, £614m). |
| Lixil president Yoshiaki Fukimori described Grohe as "one of the most well-known brands in the global sanitary market." | Lixil president Yoshiaki Fukimori described Grohe as "one of the most well-known brands in the global sanitary market." |