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Japan Tobacco to sell Australian chilled foods unit

Friday 08th August, 04:51 AM JST

TOKYO —

Japan Tobacco Inc said Thursday that it will sell its entire stake in a fully owned chilled foods subsidiary in Australia to a local investment fund for an undisclosed sum. Japan Tobacco will hand over all shares in Hans Continental Smallgoods Pty Ltd to a special purpose vehicle set up by Anchorage Capital Partners Pty Ltd on Sept 9.

The transaction will have only a minimal impact on Japan Tobacco’s earnings, the company said.

Hans was a unit of Asahi Kasei Corp until it was taken over by Japan Tobacco when the cigarette maker acquired Asahi Kasei’s food business in 1999.

Japan Tobacco decided on the sale as it sees no synergy effects between its food business in Japan and that of Hans.

JCN

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