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Article: United States: Steel Partners Calls on Ezaki Glico to Address Losses from Cross-Shareholdings.
- Article from:
- TendersInfo
- Article date:
- October 22, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sanjayV03
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 Companys 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 Companys investment portfolio had been in a steep decline ...