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May 24, 2002

JAPAN: Itochu agrees to invest up to ¥3bn in new Snow Brand shares

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. 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.

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.

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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