March 15, 2019 / 6:10 AM / 6 months ago

Itochu amasses 40 pct stake in Descente in rare hostile bid

TOKYO, March 15 (Reuters) - Trading house Itochu Corp said on Friday it has amassed a 40 pct stake in sportswear maker Descente Ltd, setting the stage for a rare hostile takeover in Japan’s consensus-driven market.

Itochu, which previously held around 30 pct of Descente as of late January, had offered to buy more shares at a 50 percent premium. (Reporting by Tokyo Newsroom)

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