for some 45 billion yen to enhance business cooperation with the Ito-Yokado group
7% equity stake in Daikuma from the Ito-Yokado group
through a special-purpose company.
In addition, Ito-Yokado Group
of Tokyo, Japan, the majority-interest owner of 7-Eleven, Inc.
If the FRC grants a banking license, the Ito-Yokado group
would be Japan's first nonfinancial group with a banking subsidiary.
The deal allows Sagami to distribute the product through the Ito-Yokado group
of stores, the Japanese consumer goods conglomerate that owns over 6,500 7-Eleven outlets throughout Japan.
firms hold initiation rite for 1,046 new hires
Since these share transactions are to be implemented inside the same Ito-Yokado group
, it will not generate any gain or loss on its consolidated financial statements, Ito-Yokado said.
and 20 percent by Ito-Yokado group
company York-Benimaru Co.
The Ito-Yokado group
plans to hire about 1,200 new graduates next year in line with a management plan to open more large stores beginning in fiscal 2004 that starts April 1, Ito-Yokado officials said.
Convenience store operator Seven-Eleven Japan, which belongs to the Ito-Yokado group
, moved up 125 yen to 2,965 yen.
A total of 779 new employees at eight of Ito-Yokado's group companies -- more than the 682 hired by five group companies last year -- joined the group in a ceremony held at a Tokyo hotel, with Ito-Yokado Group
Representative Toshifumi Suzuki attending.
The departure of Ito, one of the key contenders for the presidency who has taken charge of business strategy formulation for the entire Ito-Yokado group
, had surprised management circles of the retailing giant, company officials said.