Japan department store group J.Front seeks to wholly own Parco chain

J. FRONT RETAILING

26/12/2019 06:56

TOKYO, Dec 26 (Reuters) - Japanese department store group
J.Front Retailing Co  3086.T  on Thursday said it was offering
to buy the remaining shares in Parco Co  8251.T , a
fashion-focused chain in which it already has a stake, for 65.7
billion yen ($599.7 million).
    J.Front said it was offering 1,850 yen per share, a 35.6%
premium to Parco's 1,364 yen closing price on Wednesday.  
    J.Front, which also operates Daimaru and Matsuzakaya
department stores, said the deal will help the stores cope with
Japan's shrinking population and retail market.   
($1 = 109.5500 yen)

 (Reporting by Ritsuko Ando; Editing by Himani Sarkar)
 ((Ritsuko.Ando@reuters.com; +81 3 6441 1743;))