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Convenience store chain Ministop pulls out of South Korea and Philippines

Korean deal will bolster third-ranked Lotte in tough market

TOKYO/SEOUL -- Japanese convenience store chain Ministop will sell its South Korean subsidiary to local conglomerate Lotte for around 30.4 billion yen ($267 million) while also unloading a stake in a joint venture in the Philippines as it focuses resources on its home market.

Ministop, a member of leading Japanese retail group Aeon, is set to sell Ministop Korea to Lotte after a review by antitrust regulators under a deal announced Friday.

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