JAPANESE FIRM HAS 10.7 PCT OF SHELDAUL <SHEL> Sumitomo Bakelite Co Ltd, a Japanese company, told the Securities and Exchange Commission it has acquired 325,000 shares of Sheldahl Inc, or 10.7 pct of the total outstanding common stock. Sumitomo Bakelite said it bought the stock for 4.9 mln dlrs for investment purposes. Under an between Sumitomo Bakelite and Sheldahl, as long as its stake is more than five pct, Sumitomo said it has preemptive rights for 60 days following notice of issuance of new Sheldahl common stock. As long as its stake is over 10 pct, it said it is entitled to Sheldahl board representation.