Sumitomo Corp. (8053.TO) has agreed to sell a 51% stake in its wholly-owned U.S. petcare supplies unit The Hartz Mountain Corporation to Japanese household and pet goods company Unicharm Corp. (8113.TO), the two companies said Tuesday.
Under the agreement, Unicharm will enter into a strategic relationship with Sumitomo in the U.S. pet-care market by acquiring 9,693,400 shares of New Jersey-based Hartz, or 51% of the total outstanding stock held by Sumitomo.
The price of the stake buy has not yet been decided, the companies said in a statement. The transfer is expected to be concluded on Sept. 30. Earlier in the day, the Nikkei business daily reported that Unicharm would acquire the stake in Hartz for slightly more than Y10 billion.
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