-- Tyco International Ltd., a diversified manufacturing and service company, said Tuesday it will be buying CIT Group Inc., a major commercial finance company owned partly by Dai-Ichi Kangyo Bank, for $9.2 billion through a swap of shares.
Tyco said it will buy Dai-Ichi's 27 percent stake in CIT for $2.486 billion under an agreement with the Japanese bank.
The company said the acquisition of CIT would increase its cash flow and enhance the company's ability to reduce working capital.
Tyco, based in Bermuda, is listed by company literature as the world's largest manufacturer of electrical and electronic components, undersea telecommunications systems, fire protection and electronic security systems.