• Kyodo

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Menswear retailer Futata Co. will become a wholly owned subsidiary of Konaka Co., Japan’s fourth-largest menswear retailer, in December, the two companies said Saturday.

Futata and Konaka approved the deal at a board meeting and signed a stock swap contract to make Futata a Konaka subsidiary, they said.

The signing came a day after Futata accepted a buyout proposal by Konaka, Futata’s largest shareholder with a 20.6 percent stake, in preference to a rival takeover offer from Aoki Holdings Inc.

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