Finance / Japan
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Mitsubishi UFJ Financial To Raise Acom Stake
September 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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In the latest example of consolidation in Japan's consumer finance industry, Mitsubishi UFJ Finanical Group (MUFJ) announced on September 8 that it plans to raise its stake in Acom, a consumer finance company, to 40%. MUFJ will pay US$1.4bn to take its stake from the current 15% to 40%. MUFJ, one of Japan's largest banks, will launch a tender offer on September 16, ending October 21, to acquire up to 38.14mn Acom shares for JPY4,000 (US$36.82) per share. At the same time, Acom will issue 18mn new shares to MUFJ.