December 25, 2005
Speaking Of Mergers
Seven & I Offers 238 Bln Yen for Millennium Retailing (Update5)
Dec. 26 (Bloomberg) -- Seven & I Holdings Co., the world's largest convenience store operator, offered to buy Millennium Retailing Inc. for as much as 238 billion yen ($2 billion) to add Japan's Seibu and Sogo department stores to its retail network.
Nomura Holdings Inc.'s private equity unit agreed to sell its 65 percent stake in Millennium for 131.1 billion yen in cash, Tokyo-based Seven & I said in a statement today. The company will offer cash or stock for the remaining shares.
Seven years of deflation in Japan have left supermarkets unable to match sales growth at department stores, which renovated outlets to attract shoppers. The acquisition will strengthen Seven & I's position as the nation's biggest retailer, helping it fend off Wal-Mart Stores Inc., which in September took control of Seiyu Ltd., an unprofitable supermarket chain.
My comment - Yen is a cool name for currency.