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Top household products maker Kao Corp. turned Kanebo Cosmetics Inc., the ailing No. 2 cosmetics maker, into a subsidiary Tuesday in a deal with the government-backed corporate bailout agency, Kao said.

Under the deal reached in December, the Industrial Revitalization Corp. of Japan sold its 86 percent stake in Kanebo Cosmetics to Kao and its 33.5 percent stake in Kanebo Ltd. to a group of investment funds.

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