Nagashima Ohno & Tsunematsu is advising Japanese trading house Itochu Corp on its 182.6-billion-yen ($1.24 billion) offer to take full control of sportswear maker Descente, which is being represented by Mori Hamada & Matsumoto.

Anderson Mori & Tomotsune is counselling the special committee set up by Descente, which has licensed brands such as Le Coq Sportif, Munsingwear and Umbro and is heavily focused on the South Korean market, to assess Itochu’s takeover bid.

According to Reuters, Itochu has amassed a 40 percent stake in Descente, setting the stage for a rare hostile takeover in Japan's consensus-driven market.

A stake of more than one-third gives Itochu veto power over acquisitions and other strategic decisions, Reuters added, noting that the company will also have a greater say in nominating Descente's board members.