Coca-Cola West Japan Co. on Thursday purchased a 30.8 percent stake in Mikasa Coca-Cola Bottling Co. and plans to increase its stake to 51 percent through a tender.
Fukuoka-based Coca-Cola West said it obtained the 30.8 percent stake in Mikasa, based in Nara Prefecture, from Seibu Department Stores Ltd. for 6.316 billion yen Thursday.
The company said the acquisition was aimed at obtaining a majority stake in the smaller Mikasa as cooperation with another Coke drinks distributor is needed to fend off growing competition with other soft drink makers.
The two firms and Kinki Coca-Cola Bottling Co. plan to team up to supply Coke drinks to 14 prefectures, from Shiga to Nagasaki, it said.
Coca-Cola West said it will offer 1,160 yen per Mikasa share through the tender, to be held from today through March 26.
Coca-Cola West wants an additional 3.6 million shares through the tender, or 20.36 percent, in Mikasa.