NAGAOKA, Niigata Pref. (Kyodo) Hokuetsu Bank will not sell its 2 percent stake in Hokuetsu Paper Mills Ltd., the paper company's president said Friday, throwing up another hurdle to block Oji Paper Co.'s takeover bid.
Hokuetsu Paper President Masaaki Miwa held talks with Kuniaki Nozaki, president of the regional bank, earlier in the day in Nagaoka, Niigata Prefecture.
Miwa has been in Niigata Prefecture since Thursday to secure local support for efforts to foil the bid. He said Nozaki promised him the bank would hold on to its shares.