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Sumitomo Life Insurance Co. is among companies preparing to bid for a stake in the life insurance unit of PT Bank Negara Indonesia, according to two sources.

Sumitomo Life, Japan’s third-largest life insurer, is weighing an offer for a 40 percent stake that may be valued at as much as $800 million, the sources said, asking not to be identified because the deliberations are private. The Osaka-based company has dropped out of bidding for part of Thai Life Insurance, leaving Meiji Yasuda Life Insurance Co. as the sole remaining suitor, two sources said.

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