Itochu acquired a 40% stake in Descente in rare Japan hostile bid

Itochu, a Japanes trading company, gathered a 40% stake in Descente, a Japanese sportswear maker, setting the stage for a rare hostile takeover in Japan’s consensus-driven market. Descente licensed brands includes Le Coq Sportif, Munsingwear and Umbro with major focus in the South Korean market. Itochu, with close to 30% stake in Descente shares, offered to buy more from other shareholders at a 50% premium in January. With more than one-third stake in Descente, Itochu has veto power over acquisitions and other strategic decisions. Including nominating Descente’s board members as well.