December 26, 2019 / 7:01 AM / a month ago

Japan department store group J.Front seeks to wholly own Parco chain

TOKYO (Reuters) - Japanese department store group J.Front Retailing Co (3086.T) on Thursday said it was offering to buy the remaining shares in Parco Co (8251.T), a fashion-focused chain in which it already has a stake, for 65.7 billion yen ($599.7 million).

J.Front said it was offering 1,850 yen per share, a 35.6% premium to Parco’s 1,364 yen closing price on Wednesday.

J.Front, which also operates Daimaru and Matsuzakaya department stores, said the deal will help the stores cope with Japan’s shrinking population and retail market.

($1 = 109.5500 yen)

Reporting by Ritsuko Ando; Editing by Himani Sarkar

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