Japan's Itochu to raise stake in FamilyMart to 50.1%
Itochu to spend $1.1bn for an 11.1 per cent premium in FamilyMartAs reported in today's FT: Japanese trading house Itochu Corp has said it will spend $1.1bn to increase its stake in the country’s second-biggest convenience store chain to 50.1 per cent from its current 41.5 per cent holding. An 11.1 per cent premium on closing price. Smart move to protect a cash rich business. Initial market reaction: FamilyMart shares closed 1.2 per cent lower while Itochu shares closed 1.3 per cent higher.