Japanese supermarket group Okuwa intends to expands its operations through the acquisition of smaller-peer Pare Corporation.
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In a regulatory filing, Okuwa said it has agreed to purchase more than 90% of Pare’s shares from nine of the company’s major shareholders.
With sales of JPY251.3bn (US$2.4bn) in 2007, Okuwa operates about 140 stores, primarily in the Osaka region.
Pare operates 17 stores in the Nagoya area, which generate annual sales of JPY34bn.
While financial details have not been disclosed, it is believed that the deal is worth several billion yen.
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