Aeon Co. Mulls Merger of Drugstore Unit Welcia With Domestic Rival Tsuruha — Update
By Kosaku Narioka
Aeon Co. said it is considering a merger of its Japanese drugstore unit Welcia Holdings with domestic rival Tsuruha Holdings, a move that would create a giant force in a fragmented market.
Japanese retailer Aeon, the parent of Welcia, said Monday that no decision has been made on the possible merger.
Tsuruha Holdings shares were recently 10% higher, Welcia Holdings shares were recently up 14% and Aeon shares rose 1.4%.
Aeon made the comments following local media reports of the potential merger over the weekend.
Aeon in January said it was in talks with Hong Kong-based asset manager Oasis Management to acquire shares of Tsuruha as part of efforts to strengthen its existing tie-up with the Japanese drugstore operator.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
February 25, 2024 21:38 ET (02:38 GMT)
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