Japan Post eyes up to 8% stake in U.S. insurer Aflac

Dec 15, 2018 | News On Japan

Dec 15, 2018 (Japan Times) - Japan Post Holdings Co. plans to acquire a 7 to 8 percent stake in U.S. insurer Aflac Inc. for about Â¥300 billion as part of its strategy to expand operations overseas, sources familiar with the matter said Thursday.

Japan Post, which is in a partnership with the U.S. insurerâ€™s Japanese arm, hopes to expand its tie-up to include the joint development of insurance products by taking a stake in Aflac, the sources said.

The former state postal service hopes to complete the purchase by the end of 2019 at the earliest, according to the sources.

Under Aflacâ€™s rules, an entity having a voting right of less than 20 percent can boost its right to 20 percent after holding its stake in the U.S. company for a certain period of time. Japan Post hopes to keep its stake until it obtains a 20 percent voting right, which would make it the largest shareholder.

Source: ANNnewsCH

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