Sumitomo Grabs Consumer Finance Co. For $2.7B

Law360, New York (September 30, 2011, 12:55 PM EDT) -- Japan's Sumitomo Mitsui Banking Corp. said Friday that it would snap up the remaining shares of troubled consumer financial company Promise Co. Ltd. in a deal worth roughly 328.8 billion yen ($2.7 billion).

Sumitomo and its parent company, Sumitomo Mitsui Financial Group Inc., already own about 20 percent of Promise. It will pay about 88.8 billion yen for the shares it doesn't already own in a tender offer and another 120 billion yen for newly issued shares.

The boards of the two companies approved the deal...
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