• Kyodo

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Trading house Itochu Corp. said Friday it has increased its stake in major sportswear-maker Descente Ltd. to 40 percent, succeeding in what, for Japan, was a rare hostile takeover bid.

The two firms with over 50 years of business ties were drawn into a takeover battle last month when Descente opposed the tender offer by its top shareholder Itochu to raise the company’s equity stake from around 30 percent to up to 40 percent, a level giving the trading house veto power over crucial management decisions.

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