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Article: Steel Partners Calls on Ezaki Glico to Address Losses from Cross-Shareholdings.
- Article from:
- Business Wire
- Article date:
- October 22, 2008
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TOKYO -- Steel Partners Japan Strategic Fund (Offshore), L.P. ("Steel Partners") today sent to Ezaki Glico Co., Ltd. (2206.JP) ("Glico" or the "Company") a letter citing the Company's failure to reduce significant cross-shareholdings in Japanese companies with which it has no apparent synergies and stating concern over severe financial losses resulting from such cross-shareholdings.
In the letter, Steel Partners noted:
* On October 6, 2008, the Company announced a 2.2 billion yen write-off of its investment portfolio for three months ended September 30, 2008.
* The Company's investment portfolio had been in a steep decline for at least 18 ...