Japan's Kirin Gains Control of Fancl in Diversification Push [Yahoo! Finance]
KIRIN HLDGS CO LTD S/ADR (KNBWY)
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Source: Yahoo! Finance
(Bloomberg) -- Kirin Holdings Co. completed its takeover of Fancl Corp., in a deal that will help the Japanese brewer achieve its goal of diversifying revenue beyond alcohol and beverages. Most Read from Bloomberg The company gained control of 75.2% of the Japanese skincare and supplement brand after holders of 42.7% of shares accepted its ¥2,800-a-share offer ($19.65), according to an exchange filing. Before the takeover offer, Kirin already held 32.6% of Fancl. The acquisition is in keeping with Kirin's strategy to diversify into wellness and healthcare to boost revenue streams, amid declining sales of alcohol in a nation grappling with an aging population. Fancl will help strengthen Kirin's health science business, along with Blackmores, the largest Australian health food company, which it acquired in 2023. Kirin's final offer for Fancl represented a ¥110 per share increase from its initial bid, and the company had intended to spend ¥230 billion on the transaction. Fancl
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