Oji's Takeover Attempt Appears to Be Flagging
The chances of Oji Paper taking over Hokuetsu Paper appear to be declining. On Friday, Hokuetsu Bank said it will not sell its two percent stake in Hokuetsu Paper. The target company had received a similar promise from another local bank, Daishi, the day before. Oji has said it has no plans to up its offer; but it may have to raise its bid before the September 4 deadline if it wants to complete the deal.