Yamada Denki says to take majority stake in Best Denki
TOKYO, July 13 |
TOKYO, July 13 (Reuters) - Japan's top consumer electronics retailer, Yamada Denki Co, will take a majority stake in Best Denki Co for 12.12 billion yen ($152.93 million) by buying new shares to be issued by the smaller rival chain store, according to a filing on Friday.
Yamada Denki, Japan's biggest home electronics retailer in terms of market capitalisation, will boost its stake in Best Denki to 51.16 percent from the present 7.49 percent.
Japan's consumer electronics retailers are facing intense competition and falling profits, spurring a wave of consolidation across the sector.
Last month, Bic Camera Inc, which owns 15 percent of Best Denki, took a majority stake in rival Kojima Co . ($1 = 79.25 Japanese yen) (Reporting by James Topham, Writing by Shinichi Saoshiro; Editing by Michael Watson)
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