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 TOKYO (AP) - Announcing an alliance that would create Japan's biggest retail grouping, Aeon supermarket chain said Friday it will take a 15 percent stake in troubled Daiei for 46.2 billion yen, or $393.5 million.
Last year, Aeon Co. obtained exclusive negotiation rights for an alliance with supermarket chain Daiei Inc., which has been trying to turn around its business after collapsing in 2004.
Under the deal, Aeon is buying the Daiei shares from its biggest stakeholder Marubeni Corp., a Japanese trading company that had the largest stake in Daiei with 44.6 percent.
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