Meiji Dairies Corp. and chocolate producer Meiji Seika are denying a report by public broadcaster NHK that the two food makers are in the final stages of talks on a merger.
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NHK reported today (10 September) that both companies had confirmed to the broadcaster that management had agreed on integration by next spring.
NHK said if the merger goes ahead it would create one of Japan’s top food companies with sales exceeding JPY1trn (US$9.29bn).
Speaking to just-food this evening, a Meiji Dairies Corp. spokesman denied any such deal, while Meiji Seika declined to comment on the alleged merger.
NHK said it stands by its sources, while analysts have said that they “would not be surprised” if the report was accurate as the economic downturn has hit both companies very hard.
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By GlobalDataMeiji Dairies Corp. saw its operating profit tumble 31.1% in the year to the end of March, as it faced an increase of JPY5.9bn in costs.
