Square Enix today announced its intention to acquire at least 247,900 Taito shares worth 45.16 billion yen (409.10 million USD), thereby making Taito a subsidiary. Kyoto-based electronics maker Kyocera, which holds a 36.02% stake in Taito, has already approved Square Enix's takeover bid. Both companies want to profit from their existing overseas businesses: While Square Enix has a strong presence on the North American market, Taito is stronger positioned in the European market. The acquisition of Taito will also mean Square Enix's entrance into the arcade sector.

While Taito is best known for its amusement and arcade facilities, the company recently signed a publishing agreement with Nihon Falcom, under which it has released PlayStation 2 remakes of Ys III, IV, V and Zwei in Japan. In September, the company will release a PlayStation 2 remake of Langrisser III in Japan.

• CNET Japan