Ruyi to finalize Renown stake in late July

Textile firm to leverage Japan firm's brands, network and management

JINING, Shandong - Chinese textile manufacturer, Shandong Ruyi Group, said it expected to finish its 41 percent purchase of Japanese clothing maker Renown Inc on July 28, with the deal already approved by the government.

Shandong Ruyi announced on May 24 it would pay 5 billion yen ($56 million) for a 41.18 percent stake in Renown, making it Renown's largest shareholder when it finishes the deal. This is the first time that a Chinese company will snap up a controlling stake of a Japanese firm listed on the Tokyo Stock Exchange's (TSE) First Section.