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Japanese Retailer Aeon Takes Controlling Position In Drug Store Chain CFS

This article was originally published in PharmAsia News

Executive Summary

Japan's major retailer Aeon will increase it shares in CFS Corp., a Shizuoka-based drug store chain. The companies agreed that Aeon will increase shares in CFS from 15 percent to 33.3 percent by acquiring a maximum of 28 million CFS shares in a friendly takeover bid. The companies also agreed to set up a team to implement the measures to strengthen branding and improve business. CFS President Kenji Ishida commented that the agreement will increase enterprise value and move the company toward achieving its business goal of total healthcare. Two Aeon executives will be appointed to the CFS board, and Aeon's Managing Director Tetsuo Imoto will become CFS's vice president. (Click here for more-J apanese language
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