Itochu Makes FamilyMart Uny Subsidiary

Economy

Tokyo, Aug. 17 (Jiji Press)--Major Japanese trading house Itochu Corp. <8001> said Friday it made retailer FamilyMart Uny Holdings Co. <8028> a subsidiary through a month-long tender offer through the previous day.

Itochu raised its stake in FamilyMart Uny to 50.1 pct from 41.5 pct, spending some 120 billion yen.

FamilyMart Uny, an operator of convenience stores and supermarkets, will remain listed on the Tokyo Stock Exchange and the Nagoya Stock Exchange.

The trader plans to utilize the retailer as a springboard for further boosting its businesses at a time when convenience stores are expanding their roles as bases to offer financial and other services.

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