Cocokara Fine, Sugi Agree to Enter Merger Talks

Economy

Tokyo, June 1 (Jiji Press)--Japanese drugstore chain Cocokara Fine Inc. <3098> said Saturday that it has agreed with rival Sugi Holdings Co. <7649> to enter talks to merge their operations.

The two companies hope to boost their competitiveness through an economy of scale. They aim to conclude a basic merger agreement around July 31.

Cocokara Fine said it will continue its separate tie-up negotiations with another rival Matsumotokiyoshi Holdings Co. <3088>.

Cocokara Fine received a merger proposal from Sugi after it announced the start of its tie-up negotiations with Matsumotokiyoshi in April, according to Cocokara Fine.

A Matsumotokiyoshi official said the company will continue its tie-up talks with Cocokara Fine.

[Copyright The Jiji Press, Ltd.]

Jiji Press