IOC.DU - ITOCHU CORP.

Dusseldorf - Dusseldorf Delayed price. Currency in EUR
18.56
+0.01 (+0.03%)
As of 4:00PM CEST. Market open.
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Previous close18.55
Open18.59
Bid0.00 x 0
Ask0.00 x 0
Day's range18.56 - 18.59
52-week range15.90 - 22.18
Volume20
Avg. volume0
Market capN/A
Beta (5Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • Itochu Makes $5.4 Billion Bid for Rest of Japan’s FamilyMart
    Bloomberg

    Itochu Makes $5.4 Billion Bid for Rest of Japan’s FamilyMart

    (Bloomberg) -- Itochu Corp. is seeking to take full control of convenience-store chain FamilyMart Co. through a tender offer valued at as much as 580.9 billion yen ($5.4 billion).The Japanese trading company, which already owns 50.1% of FamilyMart, is offering 2,300 yen apiece for the shares it doesn’t already own, it said in a statement Wednesday. The offer represents a premium of 31% over Wednesday’s closing price of 1,754 yen a share.FamilyMart shares settled 23% higher at the close of trading in Tokyo on Thursday, their biggest gain ever. The stock didn’t trade during the day, as buy orders far outnumbered those to sell. FamilyMart’s stock was down about a third for the year before Itochu’s announcement Wednesday.FamilyMart directors said they support the tender offer, and that shareholders should make their own decision. FamilyMart executives said in a conference call that Itochu approached them in February. They had originally intended to discuss the matter with Itochu after the coronavirus pandemic died down as they initially expected the impact to be short.Japan’s trading companies have been increasing their stakes in the country’s biggest convenience store operators as a way to diversify business away from the volatile commodities business. In 2016, Mitsubishi Corp. paid 144 billion yen to purchase a controlling stake in Lawson Inc.The convenience store market in Japan is saturated and dominated by three majors -- 7-Eleven, FamilyMart and Lawson, making business fiercely competitive. FamilyMart is the country’s second-largest convenience store franchiser, with more than 15,000 locations.Both companies thought combining resources would help FamilyMart move more quickly to meet challenges as it pursues digitalization, a payments business and overseas expansion, said President Takashi Sawada in a call with reporters Wednesday for the company’s quarterly earnings.“We want to use Itochu to solve our problems,” he added.If the tender offer, which runs from July 9 to Aug. 24, is successful, FamilyMart would become a wholly owned subsidiary of Itochu. In 2018, Itochu paid a much higher price -- 11,000 yen per share -- to boost its stake to 50.1% from about 40.7%.Jefferies analyst Michael Allen suggested Itochu may be trying to avoid writing down the value of its previous stake purchase of FamilyMart. “They’re getting a better price now than they got before, so that’s why it makes sense to them,” he said.(Updates with share move in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    Itochu launching $5.4 billion tender offer for rest of FamilyMart

    Japanese trading house Itochu Corp on Wednesday announced a 581 billion yen ($5.4 billion) tender offer for the rest of convenience store FamilyMart Co, seeking full control of a business facing slow growth and tough competition. Itochu, which owns 50.1% of the FamilyMart chain, will offer 2,300 yen per share, a 31% premium to Wednesday's closing price. The offer runs from Thursday through Aug. 24 and Itochu expects to delist FamilyMart if the bid is successful.

  • Itochu passes this 3-point dividend checklist
    Stockopedia

    Itochu passes this 3-point dividend checklist

    For income investors watching volatile market conditions, the comfort of a regular, reliable dividend is hard to overstate. But finding these kinds of shares i...

  • Japanese payment service provider Paidy raises $48M from ITOCHU
    TechCrunch

    Japanese payment service provider Paidy raises $48M from ITOCHU

    Paidy, a Japanese fintech startup that allows customers to make online purchases without credit cards, announced today that it has raised a $48 million Series C extension from ITOCHU. Its latest investment from ITOCHU, one of the largest Japanese trading companies, was equity funding. ITOCHU previously participated in Paidy’s Series B and C rounds, and this brings the total it has invested into the startup to $91 million (the company said it did an extension round instead of moving onto a Series D so it could issue the same type of preferred shares).

  • Russia's Rosneft seeks Japanese investors for giant Vostok oil development
    Reuters

    Russia's Rosneft seeks Japanese investors for giant Vostok oil development

    TOKYO/MOSCOW (Reuters) - Rosneft CEO Igor Sechin is seeking investment in the company's $157 billion Vostok oil project in the Russian Arctic from Japanese trading houses and oil companies, three sources told Reuters. Vostok Oil is a newly established company that was formed to unite Rosneft's projects in northern Russia, including the Lodochnoye, Tagulskoye and Suzunskoye oilfields, and other projects, including the Ermak Neftegaz venture with BP. Crude oil is expected to be shipped to Asia via the North Sea Route (NSR).

  • Itochu lifts stake in Chinese EV maker Singulato, may invest more: sources
    Reuters

    Itochu lifts stake in Chinese EV maker Singulato, may invest more: sources

    Japan's Itochu Corp has invested nearly $100 million in Chinese electric vehicle maker Singulato Motors to lift its stake to about 7% and plans to boost the holding if the startup meets certain conditions, two people familiar with the matter said.

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