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Mitsubishi UFJ Financial Group Inc., Japan’s largest bank by market value, may have to raise its $3 billion bid for control of UnionBanCal Corp. after the Californian lender’s stock surged.

“The U.S. market is certainly expecting Mitsubishi UFJ to increase the price,” David Threadgold, a bank analyst with Fox-Pitt Kelton Asia Ltd. said Wednesday in Tokyo. “It’s certainly conceivable that Mitsubishi UFJ will have to raise its bid”

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