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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  ITOCHU Corporation    8001   JP3143600009

ITOCHU CORPORATION

(8001)
  Report
End-of-day quote. End-of-day quote Tokyo Stock Exchange - 01/25
3130 JPY   -0.41%
01/13ITOCHU : Targets Higher Shareholder Returns Under New Management Plan
MT
01/13ITOCHU : Shuffles President and Board Members
MT
01/13ITOCHU : Personnel Changes (PDF 52KB)
PU
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Japan's Itochu boosts FamilyMart stake despite criticism over offer

08/25/2020 | 04:51am EST
FILE PHOTO: Logo of Itochu Corp is seen outside the company's headquarters in Tokyo

Japanese trading house Itochu Corp boosted its stake in convenience store chain FamilyMart Co to about two-thirds after a $5.5 billion tender offer that was criticised by some activist investors as being too low.

Itochu, which already owned 50.1% of the FamilyMart chain, said on Tuesday it secured enough shares to take its stake to over 65%, making the tender offer successful.

Itochu had launched the tender offer to gain greater control of FamilyMart to speed up decision-making at the chain, which competes with 7-Eleven, part of retail giant Seven & i Holdings, and Lawson Inc, owned by rival trading house Mitsubishi Corp.

It had offered 2,300 yen per share, compared with their price of 1,766 yen before the announcement, with a plan to delist FamilyMart.

Activist fund Oasis Management had said that FamilyMart, by not demanding a higher price, had neglected minority shareholders and should pay a special dividend to compensate.

FamilyMart had supported the offer with the caveat that shareholders should decide for themselves whether the price was adequate.

The stores, ubiquitous in Japan and offering everything from "bento" pre-made meals to socks and underwear, have been hit by the pandemic as more people have stayed at home.

But the stores had already been facing slower growth in recent years. In addition to a shrinking population and sluggish consumer spending, the industry is grappling with a shortage of workers and competition from drugstores, which started selling food following deregulation.

Itochu has said it plans to use its investment and expertise in other food operations to bolster FamilyMart's business. Itochu acquired Dole Food Company's Asian fresh produce and worldwide packaged food business in 2013.

The latest move also allows the trading house to shift further away from the struggling energy and mining businesses to focus on the consumer sector.

FamilyMart shares closed on Tuesday at 2,295 yen, up 1.7%. Itochu shares ended 0.7% higher.

($1 = 106.0500 yen)

(Reporting by Ritsuko Ando; Additional reporting by Junko Fujita; Editing by Chris Gallagher and Muralikumar Anantharaman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FAMILYMART CO., LTD. 0.09% 2287 End-of-day quote.0.00%
ITOCHU CORPORATION -0.41% 3130 End-of-day quote.5.60%
LAWSON, INC. -0.82% 4850 End-of-day quote.0.94%
MITSUBISHI CORPORATION 0.89% 2707.5 End-of-day quote.6.55%
SEVEN & I HOLDINGS CO., LTD. 1.39% 4005 End-of-day quote.9.46%
All news about ITOCHU CORPORATION
01/13ITOCHU : Targets Higher Shareholder Returns Under New Management Plan
MT
01/13ITOCHU : Shuffles President and Board Members
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01/13ITOCHU : Personnel Changes (PDF 52KB)
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01/13ITOCHU : FY2021 Organizational Changes (PDF 162KB)
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01/12ITOCHU : New Edition of ITOCHU's quarterly corporate PR magazine released
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01/05ITOCHU : Announces Display of Projection Mapping with Message Wishing Happiness ..
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More news
Financials
Sales 2021 10 456 B 100 B 100 B
Net income 2021 420 B 4 036 M 4 036 M
Net Debt 2021 2 274 B 21 832 M 21 832 M
P/E ratio 2021 10,8x
Yield 2021 2,87%
Capitalization 4 610 B 44 302 M 44 265 M
EV / Sales 2021 0,66x
EV / Sales 2022 0,61x
Nbr of Employees 128 146
Free-Float 89,1%
Chart ITOCHU CORPORATION
Duration : Period :
ITOCHU Corporation Technical Analysis Chart | 8001 | JP3143600009 | MarketScreener
Technical analysis trends ITOCHU CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 3 152,50 JPY
Last Close Price 3 099,00 JPY
Spread / Highest target 12,9%
Spread / Average Target 1,73%
Spread / Lowest Target -14,8%
EPS Revisions
Managers and Directors
NameTitle
Masahiro Okafuji Chairman & Chief Executive Officer
Yoshihisa Suzuki President, COO, Representative Director & CIO
Tsuyoshi Hachimura Chief Financial Officer & Representative Director
Yuji Fukuda Representative Director & Executive Vice President
Tomofumi Yoshida Representative Director & Executive Vice President
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1st jan.Capitalization (M$)
ITOCHU CORPORATION5.60%44 229
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SUMITOMO CORPORATION5.38%17 212
TOYOTA TSUSHO CORPORATION2.76%14 255