Sumitomo Mitsui Offers $29 Billion for UFJ
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Pushing ahead in its unsolicited pursuit of UFJ Holdings, Sumitomo Mitsui Financial Group Inc. offered to buy the smaller Japanese bank for stock valued at more than $29 billion despite UFJ’s agreement to merge with Mitsubishi Tokyo Financial Group Inc.
With combined assets of about $1.7 trillion, UFJ and Mitsubishi Tokyo would create the world’s largest bank in terms of assets, surpassing U.S.-based Citigroup Inc.’s $1.19 trillion.
A merger of UFJ and Sumitomo Mitsui would also create the world’s largest bank, with assets of $1.67 trillion.
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