Japan’s largest retailer AEON has reportedly entered into a capital tie-up with struggling Japanese retailer Daiei.
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Under the agreement, Aeon will take a 15% stake in Daiei from trading house Marubeni, which currently controls 44% of the retailer. Aeon will also obtain from Daiei a 20% stake in supermarket chain Maruetsu, now under the Daiei-Marubeni umbrella, the Nikkei business daily said, without citing sources.
According to reports, the deal is expected to be approved by the boards of Aeon and Daiei tomorrow (9 March).
Marubeni, Aeon and Daiei have been in tie-up negotiations since October, when the trading house started to seek a partner to manage the troubled retailer.
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By GlobalData
