Asahi Kasei Corp., a Japanese chemicals and fiber maker, agreed to acquire Polypore International Inc. to expand its battery business and boost capacity overseas.

Asahi Kasei will pay $60.50 per share in cash, about 24 percent more than the 20-day average, in a deal that gives Polypore an enterprise value of $3.2 billion, Charlotte, North Carolina-based Polypore said in a statement. Polypore is also selling about $1 billion in assets and liabilities to 3M Co., according to the statement.

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