Business Services Industry
Mitsubishi Tokyo Financial Group pays UFJ Bank 700 billion yen in capital.
Knight Ridder/Tribune Business News, September, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Sep. 17--TOKYO -- Mitsubishi Tokyo Financial Group Inc. said Friday it has completed a payment of 700 billion yen to UFJ Bank to boost the bank's capital base before its planned merger with UFJ Holdings Inc. by October 2005.
The payment was made earlier than the original deadline of Sept. 29 in an apparent attempt to block a hostile takeover bid for UFJ by Sumitomo Mitsui Financial Group Inc.
Mitsubishi Tokyo said it purchased 3.5 billion preferred shares newly issued by UFJ Bank based on an agreement the two banking groups struck last Friday. Each share is priced at 200 yen.
After the new shares become effective Saturday, UFJ will be able to thwart a possible...
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