By Kosaku Narioka Aeon Co. plans to merge its Japanese drugstore unit Welcia Holdings with rival Tsuruha Holdings in a bid to solidify its presence in the.
Tsuruha Holdings Inc. (OTCMKTS:TSUSF – Get Free Report) shares dropped 17.1% during trading on Tuesday . The stock traded as low as $76.12 and last traded at $76.12. Approximately 300 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,300 shares. The stock had previously closed at $91.80. […]
Aeon announced on Monday that it has entered into exclusive negotiations with a Hong Kong investment fund to acquire shares of Tsuruha Holdings, a major drugstore player. As the current leading shareholder with a 13.6% stake in Tsuruha Holdings, Aeon s acquisition of an additional nearly 13% held by the Hong Kong investment fund would elevate its share to just under 30%.
Japan s Nikkei share average
rose on Tuesday, tracking overnight gains on Wall Street, while
investors snapped up heavyweight technology stocks amid optimism
about the U.S. economic outlook. .