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Venture capital firm Unison Capital Inc. said Monday it has proposed taking over Kanebo Ltd.’s cosmetics operations, challenging Kao Corp.’s bid for the operations.

The Nihon Keizai Shimbun reported Sunday that Unison Capital proposed that it and Kanebo set up a new company — owned 51 percent by Unison and 49 percent by Kanebo — to take over the cosmetics business.

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