Watami, Suntory Strengthen Capital Ties
2008-11-11
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GNG - Asahi Shimbun
On 11 November, major izakaya (Japanese-style pub) chain Watami announced that it would be strengthening its capital ties with Suntory. Company president Watanabe Miki agreed to transfer approximately 3% of his shares to Suntory, with a forecasted cash value of JPY 2.2 billion. The deal will increase Suntory’s share of issued stock from 5.01% to 8.01%, making it the second largest stock holder. It seems that Watami has judged that Suntory’s beverage and health food products would help expand its product offering in its nursing and lunchbox delivery businesses, which are currently being strengthened.
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