TOKYO -- Japanese drugstore operator Cocokara Fine intends to pursue merger talks with rival Matsumotokiyoshi Holdings, Nikkei has learned, in a move that could create a new market leader with total sales of nearly 1 trillion yen ($9.4 billion).
Cocokara previously fielded an offer from another player, Sugi Holdings, but a committee established to explore a merger has backed Matsumotokiyoshi's proposal instead. Cocokara's board members have discussed the matter and also determined that the company would benefit more from synergies with Matsumotokiyoshi, according to sources.
