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Meiji Yasuda to buy StanCorp Financial for around $4.8 billion: source

A man walks past insurance company Meiji Yasuda Life in Tokyo April 21, 2011. REUTERS/Yuriko Nakao

TOKYO (Reuters) - Meiji Yasuda Life Insurance Co [MEIJY.UL] plans to buy StanCorp Financial Group Inc (SFG.N) for about 600 billion yen ($4.8 billion) in what would be the biggest acquisition by a Japanese life insurer, a source with direct knowledge of the matter said.

The unlisted life insurer is set to announce the deal on Friday, the source said, declining to be identified because the decision is not yet public.

(Reporting by Taiga Uranaka; Editing by Chang-Ran Kim)