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Kyoei Mutual Fire & Marine Insurance Co. is expected to abandon its plans to merge with Millea Holdings Inc. in favor of operating under the wing of the National Mutual Insurance Federation of Agricultural Cooperatives (Zenkyoren), company officials said Wednesday.

Zenkyoren, which conducts the insurance business of Japan’s agricultural cooperatives, plans to take a majority stake in Kyoei Mutual after the nonlife insurer converts itself into a stock company in April, the officials said.

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