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Article: Japan Tobacco to pay $1 billion for frozen-food maker BUSINESS ASIA by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- November 23, 2007
- Author:
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Mari Murayama Bloomberg News
International Herald Tribune
11-23-2007
Japan Tobacco to pay $1 billion for frozen-food maker BUSINESS ASIA by Bloomberg
Byline: Mari Murayama Bloomberg News
Edition: 1
Section: FINANCE/BUSINESS
TOKYO --
Japan Tobacco, the biggest cigarette company in the nation, agreed Thursday to buy Katokichi, a frozen-food maker, for yen109 billion, or $1 billion, to double food sales as the number of smokers dwindles in its home market.
Katokichi stockholders will receive yen710 a share, a 20 percent premium to the closing price Wednesday, the companies said in a statement Thursday. Japan Tobacco will then sell a 49 percent stake in Katokichi to Nissin Food Products, an ...