Mitsubishi UFJ Group is set to take 100 per cent control of Union Bank of California in a $3.5bn takeover that would mark the second-largest overseas acquisition by a Japanese financial institution this year.
The move comes after Union Bank shareholders forced MUFG to raise its offer price. MUFG said it had won the approval of the Union Bank board after it sweetened its offer by about 17 per cent to $73.50 a share from an initial $58 a share, valuing the 25th-largest bank in the US at about $10.1bn.
