Itochu aims to take FamilyMart private

Realising value: Customers make coffee at a FamilyMart convenience store in Tokyo. FamilyMart directors have said they support Itochu’s tender offer, and that shareholders should make their own decision. — Bloomberg

TOKYO: Japan’s second-largest convenience store operator FamilyMart Co will become a wholly owned subsidiary of top shareholder Itochu Corp after the trading house succeeded in its tender offer for the retailer’s shares.

The deal will lift Itochu’s stake in FamilyMart to 65.7% from 50%, allowing the trading company to begin the process of delisting the convenience store operator from the first section of the Tokyo Stock Exchange and take it private, the company said in a statement yesterday.