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Food merger abandoned

This article was originally published in Foodnews

JAPAN Tobacco Inc and Nissin Food Products Co have abandoned the planned merger of their frozen food businesses amid the national scare over Chinese-made dumplings that have been tainted with pesticide. The original scheme involved Japan Tobacco buying Katokichi Co, another frozen foods manufacturer that was in financial trouble following accounting regularities (FOODNEWS 30 November 2007) .Japan Tobacco (which now holds 94% of Katokichi) would then sell a 49% stake to Nissin. The problem is that a large number of the dumplings that caused consumers to fall ill were sold by Japan Tobacco's frozen food operation. There now appear to be irreconcilable differences between the two would-be partners.



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