Bank makes bid for Japanese lender

Monday, Feb. 21, 2005 | 9:10 a.m.

TOKYO -- The Mitsubishi Tokyo Financial Group, the No. 2 Japanese bank, on Friday offered $29 billion in stock for UFJ Holdings, a lender in Japan, moving them a step closer toward creating the world's largest financial group.

The offer from Mitsubishi Tokyo matched an unsolicited rival bid last year from the Sumitomo Mitsui Financial Group, setting off the first takeover battle for a major Japanese bank. But now that the preferred buyer has put a concrete bid on the table, analysts say Mitsubishi Tokyo will likely carry the day. Though the two banks have been in talks since last July, Mitsubishi had never put a number on its offer until now.

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