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Seven & I Holdings to buy 65.54% stake in Millenium Retailing
27 Dec '05
1 min read
Japanese retail giant Seven & I Holdings is considering to acquire the Japanese Sogo and Seibu department store chains with an agreement to become the biggest retail group of country in terms of sales.
The Tokyo-based retailer has decided to purchase 65.54 percent stake in Millenium Retailing for JPY131.1 billion (€951.9 million) from French group Normura Holdings.
The financial services group Nomura stated it would sell its stake to Seven & I Holdings on 31 January 2006.
Currently, Millenium operates some 18 Seibu and 12 Sogo stores and was formed in 2003, when Nomura financed the merger of department store chains Seibu and Sogo.
Seven & I Holdings, presently, runs approximately 30,000 stores around the world and lures some 24 million customers per day, and achieved sales of JPY6.6 trillion in 2004.
With the help of acquirement of its rival Millemium will place Seven & I Holdings at the top of Japan's retail business with sales close to JPY4.5 trillion.
The Tokyo-based retailer has decided to purchase 65.54 percent stake in Millenium Retailing for JPY131.1 billion (€951.9 million) from French group Normura Holdings.
The financial services group Nomura stated it would sell its stake to Seven & I Holdings on 31 January 2006.
Currently, Millenium operates some 18 Seibu and 12 Sogo stores and was formed in 2003, when Nomura financed the merger of department store chains Seibu and Sogo.
Seven & I Holdings, presently, runs approximately 30,000 stores around the world and lures some 24 million customers per day, and achieved sales of JPY6.6 trillion in 2004.
With the help of acquirement of its rival Millemium will place Seven & I Holdings at the top of Japan's retail business with sales close to JPY4.5 trillion.
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