JAPAN: Aeon sells stakes in two units to Izumiya
Japanese retailer Aeon has said it has agreed to sell its stakes in its distribution and food processing ventures to supermarket operator Izumiya.
Under the agreement, Aeon will sell its entire 50% stakes in distribution and warehouse venture Yurin and food processing venture Osaka Delica to Izumiya, reported AFX Asia.
Izumiya is aiming to strengthen its food business in the Osaka area, where both Yurin and Osaka Delica are headquartered.
Financial terms of the deal were not disclosed. Yurin posted revenue of ¥7.6bn (US$64.7m) for fiscal 2002, while Osaka Delica posted revenue of ¥7.2bn.
Aeon and Izumiya said the deal would not affect their full fiscal-year earnings forecasts.
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