Japan's Kanebo is to sell its Aichi Prefecture-based soft drink subsidiary, LB Ltd., to Asahi Breweries Ltd, a local report has said.

According to the Nihon Keizai Shimbun, the sale will be made for just under JPY10bn.

The move by Kanebo will mark the end of its involvement in the soft drinks industry.

The newspaper report said that the deal would be sealed today (31 August).