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Mitsui Chemicals Rises 7.9%, Extends Gain on Restructuring Plan

Nov. 16 (Bloomberg) -- Mitsui Chemicals Inc., Japan’s third-biggest chemical maker, rose the most in more than three months and extended yesterday’s surge as investors welcomed the company’s commitment to restructure operations.

The shares advanced 7.9 percent to 178 yen, the biggest gain since Aug. 7, at the close in Tokyo. The stock, which rose 7.1 percent yesterday, was the second best-performing stock among shares listed in the Nikkei 225 Stock Average today.

Deutsche Securities Inc. analyst Takato Watabe reiterated his buy rating on the stock after a business outlook briefing held by the Tokyo-based company on Nov. 14. Mitsui Chemicals confirmed the “management’s commitment” to reform its business portfolio by strengthening value-added products and restructuring low-margin operations, Watabe wrote in a report the same day.

To contact the reporter on this story: Masumi Suga in Tokyo at msuga@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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