Race for Kansai Super Market Going to Japan's Top Court
Osaka, Dec. 8 (Jiji Press)--Osaka High Court on Wednesday allowed OK Corp. to take to Japan's Supreme Court its bid to block the integration of Kansai Super Market Ltd. <9919> and H2O Retailing Corp. <8242>.
The move came after OK, a discount supermarket chain based in Yokohama, Kanagawa Prefecture, eastern Japan, filed a complaint Tuesday with the high court against its decision the same day to approve the unification of Kansai Super Market and H2O, both operating mainly in western Japan, in a reversal of Kobe District Court's Nov. 22 provisional injunction against the business integration.
OK, which is also interested in buying Kansai Super Market, asked the Kobe court in western Japan on Nov. 9 to stop the integration, complaining that Kansai Super Market changed a corporate shareholder's vote from blank to affirmative after the balloting was closed at its extraordinary general shareholders meeting Oct. 29.
In overturning the district court injunction, Osaka High Court, also in western Japan, recognized the change to the affirmative vote as acceptable.
H2O and Kansai Super Market are slated to integrate their operations Dec. 15.
[Copyright The Jiji Press, Ltd.]