JAPAN: Suntory beverage unit gets approval for Tokyo listing
Suntory's food and beverage unit will list on the TSE in July
Suntory Holdings' soft drinks and food unit has won approval to list on the Tokyo Stock Exchange (TSE), a move expected to see the company raise around JYN476bn (US$4.7bn).
The Osaka-based group, which also has a liquor unit producing beer and spirits, plans to use the initial public offering (IPO) proceeds to pay back bank debts for past acquisitions and make strategic investments at home and abroad, according to Reuters.
Suntory acquired Orangina Schweppes for EUR2.6bn in 2009 and New Zealand beverage maker Funcor Group later the same year.
The Japanese firm issued a statement on its website today noting the news reports around its IPO, but said the "contents of the article are not based on any announcements from Suntory Group".
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