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Ajinomoto Buys Amoy Food From Danone Group for 27 Billion Yen

Posted on: Thursday, 12 January 2006, 15:00 CST

By Kyodo News International, Tokyo

Jan. 12--TOKYO -- Ajinomoto Co. said Thursday it has acquired Amoy Food Group Co., a Hong Kong-based affiliate of France's Group Danone SA, for 27.3 billion yen, or HK$1,845 million, in a bid to strengthen its business in Asia.

The major Japanese seasoning maker said the transaction includes acquisition of Chinese soy sauce and frozen food businesses which the Chinese company operates worldwide including in North America and Europe.

It has also obtained a 60 percent stake in Amoy's Chinese soy sauce joint ventures in Shanghai, China, it said.

Through this business integration, Ajinomoto seeks to strengthen its business operations in Asia under the Amoy brand, which is widely recognized for its Chinese sauce and frozen foods, Ajinomoto said.

It noted that it will send some of its officials to the board of the Chinese company, but the company will retain the current independent management team to "preserve its entrepreneurial corporate culture which gives high respect to diversity of nationalities and cultures." According to the Japanese firm, the Amoy Food group produces processed food such as seasonings and frozen food in China and boasted sales worth 10 billion yen in the year that ended in December 2004.

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Copyright (c) 2006, Kyodo News International, Tokyo

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2802, DA, BN,

Source: Kyodo News International, Tokyo

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