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Sumitomo Trust & Banking Co. is making final arrangements to buy Nikko Asset Management Co., a local unit of U.S. financial giant Citigroup Inc., for over ¥100 billion after obtaining preferential rights for the acquisition, sources said Friday.

The two parties will try to ink the formal agreement sometime next week, the sources said. Sumitomo, which already has an asset management subsidiary, will try to expand its business by acquiring Nikko Asset Management.

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