• Kyodo

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Japan’s third-biggest convenience store operator FamilyMart Co. has agreed to buy smaller local rival Cocostore Corp. for around ¥13 billion as part of a major industry realignment in the face of a shrinking domestic market, the company announced Tuesday.

The deal will put the newly merged entity on par with the No. 2 competitor Lawson Inc. with about 12,000 shops.

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