In a sudden turn of events, Kanebo Ltd. said Monday it has scrapped a plan to sell its core cosmetics business to Kao Corp. and instead will seek a government bailout.
The decision by the country's second-largest cosmetics maker to turn to the Industrial Revitalization Corp. of Japan for its turnaround came as a surprise.
"We did our utmost in negotiations (with Kao), but we could not reach an agreement," Kanebo President Takashi Hoashi told a hastily arranged news conference.
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