April 19, 2018 / 7:08 AM / 4 months ago

Japan's Itochu to take controlling stake in FamilyMart

TOKYO, April 19 (Reuters) - Japanese trading house Itochu Corp said it was raising its stake in convenience store operator FamilyMart Uny Holdings to 50.1 percent from 41.5 percent, cementing its control over the country’s second-biggest chain of such stores.

Itochu said the tender offer would be for 120.3 billion yen ($1.12 billion), and that it would pay 11,000 yen per share in FamilyMart Uny, shares of which closed on Thursday at 9,900 yen.

Japanese trading houses have been increasing stakes in convenience stores to secure sales channels and diversify away from commodities trading. ($1 = 107.3600 yen) (Reporting by Ritsuko Ando; Editing by Biju Dwarakanath)

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