Kirin Holdings has announced plans today (28 September) to take direct control over Japanese dairy firm Koiwai Dairy Products Co.

The Japanese food and beverage giant said it would take over the 51% stake its Kirin Beverage Co. subsidiary holds in Koiwai.

Kirin Holdings said it would also buy JPY4bn (US$47.6m) of new shares that Koiwai plans to issue in November. The moves will see Kirin Holdings hold some 99.9% of Koiwai.

The three companies – Kirin Holdings, Kirin Beverage Co. and Koiwai – have also agreed on a third move – to spin off Koiwai’s refrigerated drinks manufacturing operations in Tokyo. Kirin Beverage Co. will take on that business.

The spin off will allow Koiwai to focus on dairy products under Kirin Holdings’ control.