Sumitomo Mitsui Offers $29 Billion for UFJ
From Associated Press
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.
