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Central Japan Railway Co. (JR Tokai) offered to pay about ¥26.2 billion to raise its stake in rail car maker Nippon Sharyo to 50.88 percent.

JR Tokai, which now owns 1.83 percent of the target company, will pay ¥370 a share, 38 percent more than Nippon Sharyo’s closing price of ¥268 Friday on the Tokyo Stock Exchange.

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