Itochu undertakes hostile 40 pct stake buy in Descente

Itochu undertakes hostile 40 pct stake buy in Descente

Trading house Itochu Corp said on Friday it has amassed a 40 pct stake in sportswear maker Descente Ltd, setting the stage for a rare hostile takeover in Japan's consensus-driven market.

Itochu, which previously held around 30 pct of Descente as of late January, had offered to buy more shares at a 50 percent premium.