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Business deals

Japan restaurant sector set for more M&A after first hostile takeover

Colowide looks to reshuffle management and boost efficiency at Ootoya

An Ootoya restaurant in Tokyo's Shinjuku Ward. (Photo by Kosuke Inoue)

TOKYO -- Japanese restaurant operator Colowide said Tuesday its bid to take control of local rival Ootoya Holdings has been successful.

Colowide said its stake of about 19% in Ootoya together with commitments from other holders of another 27% meant that it now has control of about 47% of the company. This exceeds the minimum level of 40% needed to ensure the bid's success.

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