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(Update) Itochu Bid for Descente Confirmed as Hostile

(Update) Itochu Bid for Descente Confirmed as Hostile

   Tokyo, Feb. 7 (Jiji Press)--Major trading house Itochu Corp.'s <8001> tender offer for a veto-wielding stake in Descente Ltd. <8114> was confirmed as hostile on Thursday, with the sportswear maker announcing its opposition to the bid launched last week by its top shareholder.
   Descente claimed in a statement that if Itochu were to take effective control of the firm as a result of the tender offer, there could be a danger of management priority being placed on the interests of the Itochu group over its own corporate value and the common interests of its shareholders.

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AFP-JIJI PRESS NEWS JOURNAL


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