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Japan's Shinsei files to issue new shares in battle with SBI

TOKYO : Japan's Shinsei Bank on Wednesday said it filed to issue new shares to thwart an unsolicited bid from shareholder SBI Holdings, a move that paves the way to it launching a 'poison-pill' defence.

The move was widely expected after Shinsei's board this month opted to use a poison pill by issuing warrants to existing shareholders that would dilute SBI's stake.

SBI,which owns Japan's largest online brokerage, operates an online bank and has stakes in regional banks, has said it planned to lift its stake in Shinsei to as much as 48per cent from 20per cent.

(Reporting by David Dolan, Editing by Louise Heavens)

Source: Reuters

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