Japanese trading house Mitsubishi Corp is reportedly planning to join with five food wholesalers to set up a food distribution join venture.
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Mitsubishi is to take a 51% stake in the venture, to be called “Alliance Network”, which could roughly equal the size of Japan’s largest wholesaler, Kokubu & Co, Reuters reported, citing a Japanese press report.
According to the report Mitsubishi plans to set up the new company, which would have annual sales of around ¥1.1trn (US$10.3bn), as early as this month.
