Mitsubishi UFJ Financial Group Inc. (8306.TO) said Wednesday that it will buy just over 16 million Morgan Stanley common shares for about $440 million.

Japan's largest banking group said in a statement that it will buy Morgan Stanley shares on June 15 and pay $27.44 per share.

As a result, MUFG said there is a possibility that its stake in Morgan Stanley will exceed 20%.

-By Shawn Schroter, Dow Jones Newswires; 813-6895-7550; shawn.schroter@dowjones.com