Minebea Co. will merge with Kanemori Co.

Minebea said the acquisition of the clothing and jewelry retailer, to become effective April 1, is aimed at warding off the hostile bid by U.S. financier Charles W. Knapp and a London partner. The merger, which is expected to win approval by both companies’ boards of directors, will increase Minebea’s majority holdings of its own stock to 53% from 51%. Knapp’s Trafalgar Holdings Ltd. and Glen International Financial Services of Britain, a securities and investment company, have offered $1.4 billion in cash, convertible debentures and U.S. government bonds for Minebea.