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Business deals

Maeda's takeover bid for affiliate road builder faces resistance

Cash-rich Maeda Road spurns offer and looks for white knight

A highway interchange in Tokyo: Maeda Corp. seeks to expand its toll business, aided by a takeover of affiliate Maeda Road Construction.   © Reuters

TOKYO -- Midsize Japanese builder Maeda Corp. has triggered an unusual squabble within a business group, saying Monday it will launch a hostile tender offer for affiliate Maeda Road Construction.

Maeda Corp., the top shareholder in the road builder with a stake of just over 24%, aims to raise its interest to 51% and turn the unit into a consolidated subsidiary. Maeda expects to pay 86.1 billion yen ($781 million) for its increased ownership.

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