October 18, 2017 / 8:00 AM / in a month

Kobe Steel to hold bidding for real estate unit on Friday: Bloomberg

TOKYO (Reuters) - Japanese steelmaker Kobe Steel Ltd (5406.T), embroiled in a data falsification scandal that has roiled global supply chains, will hold a first round of bidding on Friday in the planned sale of a real estate unit, Bloomberg News reported on Wednesday.

FILE PHOTO: The logo of Kobe Steel is seen at the group's Tokyo headquarters building in Tokyo, Japan October 10, 2017. REUTERS/Issei Kato/File Photo

Japan’s No.3 steelmaker has hired Mizuho Securities, the brokerage arm of Mizuho Financial Group Inc (8411.T), as an advisor for the sale of more than two-thirds of Shinko Real Esate, Bloomberg said, citing unidentified sources. The news agency didn’t say how much the asset might be worth.

Both Kobe Steel and Mizuho Securities declined to comment.

Kobe Steel has said about 500 companies received falsely certified products. A person with knowledge of the matter told Reuters that data tampering on products went on for more than a decade.

Reporting by Sam Nussey; Editing by Kenneth Maxwell

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