(Bloomberg) -- Itochu Corp. is planning to take full control of convenience-store chain FamilyMart Co. in a deal valued at 500 billion yen to 600 billion yen ($4.6 billion to $5.6 billion), Nikkei reported without citing how it obtained the information.
If the tender offer for FamilyMart is successful, it would become a wholly owned subsidiary of Itochu, one of Japan’s largest trading companies, according to Nikkei. Itochu currently owns 50.1% of FamilyMart.
Representatives for Itochu and FamilyMart could not be immediately reached for comment.
FamilyMart is scheduled to announce quarterly earnings at 5 p.m. Wednesday in Japan. The company is Japan’s second-largest convenience store franchiser, with over 15,000 locations.
©2020 Bloomberg L.P.
Advertisement