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Mitsubishi UFJ signs deal to buy Union Bank's parent.

Global Banking News-30 September 2008-Mitsubishi UFJ signs deal to buy Union Bank's parent(C)2008 ENPublishing -

Global Banking News - 30 September 2008(c)2005 - Electronic News Publishing -

Mitsubishi UFJ Financial Group Inc (MUFG) (NYSE: MTU) (TYO: 8306) (8306.MU), Japan's largest financial group, has said that it had completed its plans to buy out the minority shareholders of UnionBanCal (NYSE: UB), San Francisco-based parent of Union Bank of California.

Mitsubishi UFJ said that it will be spending USD3.5bn for the 35 percent stake that it doesn't already own. Mitsubishi, which already owns a 64.4 percent stake in the US bank, said that the tender offer, which expired on September 26, essentially draws 33.6 percent of the company's shares.

All shareholders tendering their shares will receive USD73 per share in cash. Shares not previously purchased in the tender offer will convert into the right to receive USD73 per share in cash, the companies said.

Union Bank of California has 337 banking offices in California, Oregon, and Washington, and two international offices.

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Publication:Global Banking News (GBN)
Date:Sep 30, 2008
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