Marubeni Corp is reportedly considering acquiring up to 20% of supermarket operator Sotetsu Rosen, in yet another example of the consolidation in the Japanese retail market.
Sotetsu is a subsidiary of Sagami Railway, and under the plans, will be made a wholly-owned subsidiary through a stock swap deal on 8 April. Marubeni, which has preferential negotiation rights for the stake, may then take an interest of up to 20% in Sotetsu Rosen over the next three years. Sotetsu Rosen will be delisted around 2 April.
Marubeni will then send experienced personnel to Sotetsu Rosen, and will propose that the supermarket chain sell items offered by the Marubeni group. The deal is expected to help Sotetsu Rosen accelerate its restructuring through such measures as improving efficiency and shutting unprofitable stores.
Marubeni already has stakes in Tobu Store, another supermarket operator affiliated with a railway company, and also has investments in Daiei and Maruetsu.
Namnews - Friday 28th November 2008
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