FamilyMart Uny to Hold 20 Pct Stake in Don Quijote

Economy

Tokyo, Oct. 11 (Jiji Press)--Major Japanese retail group FamilyMart Uny Holdings Co. <8028> said Thursday that it will acquire a stake of up to 20.17 pct in Don Quijote Holdings Co. <7532> to make it an equity-method affiliate.

Meanwhile, Don Quijote, a discount store operator, will buy the 60 pct stake it does not own in Uny Co., FamilyMart Uny's supermarket arm, in January next year.

FamilyMart Uny will buy Don Quijote shares in a tender offer to be launched by a subsidiary next month. The group plans to buy the shares at 6,600 yen apiece for a total of some 210 billion yen.

Don Quijote will spend 28.2 billion yen to make Uny a wholly owned subsidiary. It plans to finance the acquisition mainly with cash reserves and bank loans.

FamilyMart Uny aims to focus its business resources on its core convenience store operations by selling the sluggish supermarket business.

[Copyright The Jiji Press, Ltd.]

Jiji Press