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Japan's Aeon, Daiei, Marubeni to hold briefing on capital, business tie-up plan


Published : Fri, 09 Mar 2007 07:25
By : Agencies
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TOKYO (XFN-ASIA) - Aeon Co Ltd, Daiei Inc and Marubeni Corp will hold a joint press conference at 4.30 pm in Tokyo

(0730 GMT) to announce plans to form a capital and business tie-up.

Aeon president Motoya Okada, Daiei president Tooru Nishimi and Marubeni president Nobuo Katsumata will attend the briefing.

Further details were not available ahead of the briefing.

The Nikkei business daily reported earlier this week that Aeon will likely purchase a 15 pct stake in Daiei and 20 pct interest in supermarket chain operator Maruetsu Inc -- an affiliate of Daiei -- to help turn around the struggling retailer, and create Japan's largest retail group, topping industry leader Seven & I Holdings.

(1 usd = 117.35 yen)

yasuhiko.seki@xfn.com

ys/mas

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