Aeon to End Partnership with Trader Mitsubishi
Tokyo, Dec. 28 (Jiji Press)--Aeon Co. <8267> said Friday that it will dissolve its comprehensive business tie-up with major trader Mitsubishi Corp. <8058> at the end of February next year.
The major retailer and Mitsubishi forged the partnership covering merchandise procurement and store operations, among other areas, in December 2008. Mitsubishi became Aeon's top shareholder, with a stake of around 5 pct.
But Mitsubishi has informed Aeon of its plan to sell part of the shares. After consultations, Aeon told Mitsubishi that it would like to dissolve the partnership.
Mitsubishi, which held a 4.64 pct stake in Aeon as of the end of August this year, has sold part of the shares in stages since around November.
According to a securities report released on Friday, Mitsubishi's equity stake in the retailer has fallen to 2.34 pct.
[Copyright The Jiji Press, Ltd.]