Midsize general contractor Ando Corp. said Monday it has agreed to forge a capital tieup with Hazama Corp., seeking to inject the troubled builder with 1 billion yen through the purchase of preferred shares.

The deal grants Ando an option to buy a stake of up to 51 percent in Hazama, paving the way for an eventual acquisition in an industry sinking under the burden of overcapacity.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.