Itochu to Fully Own FamilyMart
Tokyo, July 8 (Jiji Press)--Japanese trading house Itochu Corp. <8001> said Wednesday that it will spend some 580 billion yen to take full control of convenience store operator FamilyMart Co. <8028>.
After raising its stake in FamilyMart to 100 pct from 50.1 pct at present, Itochu plans to sell 4.9 pct of the shares to the National Federation of Agricultural Cooperative Associations and Norinchukin Bank.
Itochu and FamilyMart aim to strengthen cooperation in procurement and sales as well as the digital field, including utilizing data on customer purchases, in order to survive fierce competition in the retail industry.
They also plan to use ties with the agricultural cooperatives group to improve the lineups of domestic farm and livestock products at FamilyMart stores.
The trading house will acquire FamilyMart shares for 2,300 yen apiece between Thursday and Aug. 24 under a tender offer, which has the support of the convenience store chain. FamilyMart will be delisted from the Tokyo Stock Exchange.
[Copyright The Jiji Press, Ltd.]