U.K. investor thinks Aeon's offer for Japanese drugstore merger too low

Orbis also dissatisfied with consolidation ratio of Tsuruha and Welcia

From left: Akio Yoshida, president of Aeon, Tsuruha President Jun Tsuruha, and Welcia President Hideaki Kirisawa hold a press conference in Tokyo on April 11. (Photo by Tomoki Mera)

TAKASHI OKU

April 14, 2025 16:54 JST

TOKYO -- Orbis Investments, a U.K.-based investment management company that owns about 10% of Japan's second-largest drugstore chain Tsuruha Holdings, is opposed to the proposed merger with Welcia Holdings, the leading drugstore chain owned by major retailer Aeon.

Orbis also does not support Aeon making the merged company a subsidiary, it said in a statement on Sunday.