Trading house Sumitomo has announced its plan to make Tokyo-based major information technology service provider SCSK a wholly owned subsidiary through a takeover bid valued at some ¥882 billion ($5.77 billion). Sumitomo already holds a 50.6% equity stake in SCSK. The purchase price is set at ¥5,700 per share, according to the announcement on Wednesday, about 30% higher than SCSK's closing price of ¥4,334 on the same day. By fully acquiring SCSK, Sumitomo aims to improve management efficiency