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South Africa’s
Freeworld Coatings has received an unsolicited bid from Kansai Paint
and is now 26 percent-owned by the Japanese firm, South Africa’s
competition watchdog said on Friday.

Freeworld, a maker
of automotive and industrial paint, believes the bid by Kansai raises
competition issues, according to a statement by South African
competition officials.

Reuters reported in
October that Kansai, one of Japan’s largest paint makers, had acquired
about 25 percent of Freeworld and was in talks to take at least a
majority stake in the firm, citing people familiar with the matter.

“According to Freeworld, Kansai has made a systematic attempt to
gain control of the company, including approaching Freeworld’s
shareholders without its knowledge,” competition officials said in the
statement.