Japan's Ito-Yokado and Seibu groups to merge: reports

0 Comments | AFP, December, 2005

TOKYO (AFP) — The Japanese groups which own supermarket chain Ito-Yokado and Seibu Department Stores are in the final phase of merger talks in a bid to form the nation's largest retailer, news reports said.

Seven and I Holdings -- the holding company of Ito-Yokado and convenience store operator Seven-Eleven Japan -- plans to buy some 65 percent of shares in Millennium Retailing, which operates the Seibu and Sogo department store chains, public broadcaster NHK said, quoting industry sources.

The two groups would consider fully integrating their operations in the future, NHK said. Their combined annual sales are estimated at some seven trillion yen (60 billion dollars), it said.

The deal would form Japan's largest retail group, topping rival supermarket chain...