Japan's ORIX takes over asset manager Robeco
Tuesday - 2/19/2013, 9:00am ET
THE HAGUE, Netherlands (AP) -- Dutch bank Rabobank says Japan's ORIX Corporation is taking over its asset management arm Robeco Groep NV for EUR1.9 billion ($2.54 billion).
The deal, which Rabobank expects to be finalized within six months pending regulatory approvals, gives ORIX 90.01 percent of Robeco.
Rabobank will retain the remaining stake in Robeco and receive part of the payment in ORIX stock
Rabobank says Tuesday it decided to sell because it expects the deal to improve Robeco's growth prospects worldwide.
Robeco controls EUR189 billion ($252 billion) in assets for more than a million private investors and institutions. It has a staff of more than 1,600 in 14 countries.
ORIX CEO Yoshihiko Miyauchi says Robeco is "a well-diversified international organization with an excellent brand name and outstanding management."
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