Trading house Itochu Corp has agreed to buy up to ¥2bn (US$15m) worth of new shares in beleaguered dairy product maker Snow Brand Milk Products.

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It has not yet been decided at what price Itochu will buy the shares. The move is part of Snow Brand’s turnaround plan, which includes borrowing ¥50bn from creditor banks and huge redundancies.


Snow Brand will also issue ¥10bn worth of new shares through a third-party allocation, including shares already earmarked for the National Federation of Agricultural Cooperative Associations, or Zen-Noh, and Itochu


Snow Brand revealed that Itochu will also purchase an additional stake in SB subsidiary Access Inc., a Tokyo-based food wholesale unit, bringing Itochu’s stake in Yukijirushi to 25% from the current 10%.

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