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China parts maker Key Safety Systems said to be planning bid for Takata

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Takata has been working on a restructuring plan and is said to be open to a sale to a private equity partner, a parts supplier or a combination.

Tokyo

KEY Safety Systems, the world's fourth largest air bag maker that was acquired by a Chinese parts maker, plans to bid for Japan's Takata Corp, which is seeking buyers to overcome record recalls, according to a person familiar with the matter.

Key Safety has received an

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