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Business deals

Japan's Matsumotokiyoshi and Cocokara drug chains agree to merge

Retailers expect their mega deal to be completed by October 2021

Matsumotokiyoshi is a household name in Japan as it has long been the country's largest chain of drugstores. (Photo by Kaisuke Ota)

TOKYO -- Japanese drugstore operators Matsumotokiyoshi Holdings and Cocokara Fine announced their merger on Friday, hours after an initial Nikkei report.

The deal calls for Matsumotokiyoshi to buy 20% of Cocokara for 38.3 billion yen ($351 million), paying 6,460 yen per newly issued share.

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