JAPAN: FamilyMart buys Am/pm
Japanese retailer FamilyMart is broadening its share of the country's convenience market through a planned acquisition of smaller rival Am/pm.
FamilyMart said it hoped the purchase would help it close the gap between itself and the number two player in the market, Lawson.
The am/pm deal will cost in the region of JPY10bn (US$110m), with FamilyMart purchasing all shares from Am/pm parent Rex Holdings.
All Am/pm stores will be converted to the FamilMart banner, the company said.
However, the need to convert to its own banner proved the stumbling block for a previous deal, which would have seen Am/pm acquired by Lawson.
The US trademark owner, Am/pm International Inc, refused to allow the stores to be renamed.
Am/pm owns 1,100 stores, mostly in the Tokyo region.
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