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Article: Japan Tobacco sets hopes on frozen food MOVERS MARKETPLACE 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 sets hopes on frozen food MOVERS MARKETPLACE by Bloomberg
Byline: Mari Murayama Bloomberg News
Edition: 4
Section: FINANCE/BUSINESS
TOKYO: --
Japan Tobacco, the country's biggest cigarette company, agreed to buy the frozen-food maker Katokichi for yen109 billion to double its food sales as smokers dwindle in its home market.
The $1 billion offer would give Katokichi shareholders yen170 a share, a 20 percent premium to Wednesday's closing price, the companies said Thursday. Japan Tobacco will then sell a 49 percent stake in Katokichi to the instant-noodle maker Nissin Food ...