Cocokara to Start Merger Talks with Matsumotokiyoshi

Economy

Tokyo, Aug. 14 (Jiji Press)--Major Japanese drugstore operator Cocokara Fine Inc. <3098> said Wednesday that it will enter negotiations with industry peer Matsumotokiyoshi Holdings Co. <3088> to merge their operations.

If realized, the business merger would create an industry leader, with sales of some one trillion yen.

Amid intensifying industry competition, further realignment moves are likely to follow, industry sources said.

In June, Cocokara started merger talks with Sugi Holdings Co. <7649>, which operates the Sugi Pharmacy drugstore chain.

But a special committee of outside corporate managers that was created by Cocokara supported an integration proposal from Matsumotokiyoshi.

[Copyright The Jiji Press, Ltd.]

Jiji Press