Sumitomo Mitsui offers to buy UFJ

From: China Daily | Date: August 25, 2004| Author: | Copyright information

Sumitomo Mitsui Financial Group Inc, Japan's third-largest lender, made a 3.2 trillion yen (US$29.2 billion) hostile takeover bid for UFJ Holdings Inc, intensifying a battle to form the world's biggest bank.

The Tokyo-based lender offered one of its shares for each UFJ share, chief executive Yoshifumi Nishikawa said in a statement, valuing its rival's stock at 629,000 yen (US$5,739), 23 per cent higher than yesterday's closing price. Sumitomo Mitsui will also provide 700 billion yen (US$6.39 billion) to help Osaka-based UFJ cut its 4.62 trillion yen (US$42.15 billion) of bad loans.

Sumitomo ...

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