Mitsubishi UFJ ups ownership of UnionBankCal to 100%

Mitsubishi UFJ Financial Group will buy the 35% equity interest in UnionBanCal Corp which it does not currently own for an outlay of $3.5 billion, in a deal analysts find strategically compelling.

Mitsubishi UFJ Financial Group MUFG will up its stake in in US bank holding company UnionBanCal Corp to 100% by launching a tender offer to the 34.6% minority shareholders at a price of $73.50 per share aggregating $3.5 billion.

Mitsubishi UFJ wholly-owned subsidiary Bank of Tokyo-Mitsubishi UFJ BTMU will make a cash tender offer to shareholders of UnionBanCal UNBC at a price of $73.50 per share in cash. The tender offer will be launched by August...

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