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Kao/Kanebo end talks

This article was originally published in The Rose Sheet

Executive Summary

Japanese firms have ended discussions on Kao's planned acquisition of Kanebo's cosmetics business, Kao says Feb. 16. Plans fell through after Kanebo expressed decision to withdraw from negotiations, according to Kao. "We consider this news extremely unfortunate given our conviction that the plan for the transfer of business, which was in its final stages, was the most ideal option for Kanebo's employees, customers, partners, shareholders and others," Japanese consumer products marketer states. Negotiations hit a hurdle earlier this year when the two firms postponed finalization of a planned merger of their cosmetics businesses. Later, the companies tentatively agreed Kao would purchase Kanebo's cosmetics business outright instead (1"The Rose Sheet" Feb. 9, 2004, In Brief)...
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