Kao Completes Acquisition of Kanebo Cosmetics
Posted: February 22, 2006
Kao Corporation acquired 14 million shares of Kanebo Cosmetics' common stock from Kanebo, Ltd. to complete the acquisition of all Kanebo Cosmetics' issued and outstanding stock. Sixty-two million Class C shares of Kanebo, Ltd. held by Kanebo Cosmetics were transferred to Trinity Investment Co., Ltd. As a result, cross-shareholdings between Kanebo, Ltd. and Kanebo Cosmetics were eliminated. In addition, all rights to the Kanebo brand held by Kanebo, Ltd. were transferred.