• Kyodo News


Sumitomo Mitsui Financial Group Inc. is almost certain to become the successful bidder for a major stake in OMC Card Inc., sources said Wednesday.

SMFG and Shinsei Bank had emerged as bidders for the OMC Card stake since its parent company, struggling retailer Daiei Inc., announced its plan to sell 31.8 percent of its holding in the credit card company. In preparatory bidding, Shinsei offered a higher price, but in Wednesday’s final bidding SMFG apparently raised its offer to around 100 billion yen, the figure that Daiei had been hoping for, the sources added.

They said that, in addition to the bidding prices, Daiei is examining how the purchaser will raise OMC’s corporate value and how many synergy effects can be expected as a result of the transaction.

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