Deals this week: Japan Food & Liquor Alliance, Morinaga Milk Industry, Reckitt Benckiser Group
Japan Food & Liquor Alliance has reached an agreement with Asrapport Dining for a private placement of 42.6 million new shares priced at CNY47 ($6.92) a share to raise CNY2bn ($294.84m).
The transaction will be effective from 1 August 2017 and increase Asrapport Dining’s stake from 10.4% to 31.7%.
Japan Food & Liquor is involved in the production and sale of food and alcohol products, while Asrapport operates restaurants.
Both companies involved in the transaction are based in Japan.
Japan-based Morinaga Milk Industry has reached an agreement to raise ¥10bn ($88.3m) through the issue of 15th series unsecured corporate bonds maturing on 23 July 2027.
The company has engaged Nomura Securities, SMBC Nikko Securities and Mizuho Securities as underwriters for the offering.
Reckitt Benckiser Group (RB) has signed a $4.2bn agreement with McCormick & Company to sell its RB Foods business, comprising French's, Frank's RedHot, and Cattlemen's brands.
The sale is being carried out on a cash-free, debt-free basis.
The target company intends to use net proceeds raised from the transaction to repay debts and focus on the recently acquired infant nutrition unit.