mitsubishi-ufj-ups-ownership-of-unionbankcal-to-100

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 29. Morgan Stanley is MUFG's and BTMU's financial advisor with Sullivan Cromwell and Mori Hamada Matsumoto providing legal advice.

The tender offer is not subject to a financing condition and does not require...
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