Nikkei edges down on pause in weak yen trend; mining shares outperform
TOKYO, March 30 Japan's Nikkei share average edged down on Thursday morning pressured by a pause in the weak yen trend, while mining shares firmed on gains in oil prices.
July 16 Regis Corp said it will sell Hair Club for Men and Women, its hair loss products unit, to Japan's Aderans Co Ltd for $163.5 million in cash, as it focuses on its salon operations.
The hair-salon operator, known for its Vidal Sassoon and Supercuts chains, is battling rising costs and slowing demand as frugal consumers take more time between haircuts.
The company has been exploring options for its non-core assets to cut costs and shore up its domestic business.
The company sold its stake in European peer Provalliance to the Provost family for 80 million euros ($105.40 million) in April.
Regis expects to book an after-tax gain of between $8 million and $12 million on the sale of Hair Club, which it had acquired in December 2004.
The sale, expected to close in the third or fourth quarter of 2012, comes days after former Royal Caribbean Cruises Ltd executive Daniel Hanrahan t o ok the helm at the hair-salon operator. [I D :nL3E8IB43E]
BofA Merrill Lynch advised Regis on the deal.
Shares of Minneapolis-based Regis closed at $17.42 on Friday on the New York Stock Exchange.
MELBOURNE, March 30 Korea Zinc Inc, the world's third-largest zinc smelter, has agreed to take a 15 percent drop in annual processing fees for 2017 as smelters grapple with a dearth of mine supply, Metal Bulletin reported.