Sumitomo Mitsui looks to acquire distressed lender Promise Co.
Sumitomo Mitsui Financial Group, Japan’s second-largest lender, will make a $2.6 billion tender offer for all shares it does not already own in distressed consumer lender Promise Co.
Sumitomo Mitsui currently holds 21% of Promise and declared to the Tokyo Stock Exchange that it would make a tender offer for existing and new shares by the end of the year. It has offered to pay JPY780...
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