Japan Post to buy Daimaru subsidiary
JAPAN POST on Thursday announced that it has reached an agreement to buy ASOCIA CORP., a DAIMARU INC. (TSE:8234) distribution and logistics subsidiary. Pending approval by the Ministry of Communications, the public postal corporation on Oct. 3 will purchase 67.6 per cent of Asocia’s outstanding stock from Daimaru for 649.98 million yen (US$5.9 million).
* Japan Post seeks to improve the mail delivery segment’s earnings by broadening its distribution services to include the packaging and sorting of department store products.
* Asocia’s board will be reduced from nine to five when ownership changes hands, and Japan Post will dispatch three directors.
SUMMARY
Japan Post to acquire Asocia, a Daimaru distribution, logistics subsidiary
