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FamilyMart Uny selling stake in supermarket unit to Don Quijote

Partners to open stores in each other's locations, aiming to boost foot traffic

FamilyMart Uny President Koji Takayanagi, left, and Don Quijote President and CEO Koji Oohara.

TOKYO -- Family Mart Uny Holdings will sell 40% of supermarket subsidiary Uny to Don Quijote Holdings, aiming to turn the operation around by tapping the discount chain operator's knack for drawing customers.

The two revealed in June that they were discussing the formation of a business alliance, and Thurday's announcement takes the partnership a step further. Don Quijote will invest directly in Uny, and have no capital relationship with its parent. In November, FamilyMart Uny will transfer 80,000 shares of wholly owned Uny to Don Quijote for an undisclosed amount, lowering its stake to 60%.

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