Aeon to buy Mitsubishi unit to start teleshopping ops: report
(Reuters) - Japan's second-largest retailer, Aeon Co Ltd (8267.T), plans to start teleshopping operations by acquiring a Mitsubishi Corp (8058.T) unit, the Nikkei business daily reported without citing sources.
Japan's top trading house Mitsubishi owns a 5 percent stake in Aeon, which operates the Jusco supermarket chain.
Mitsubishi will sell a 55 percent stake in its unit, Digital Direct Inc, to Aeon by the end of the month through a private placement of new shares, the paper said.
Aeon -- which runs 600 supermarkets, 1,200 grocery stores and thousands of specialty stores -- expects to boost Digital Direct's sales to 10 billion yen in fiscal 2011 from roughly 7 billion yen a year now, the business daily reported.
Aeon has decided to market products through shopping channels on television to reach older consumers, the paper said.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Anne Pallivathuckal)
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