The planned merger of FamilyMart Co. and Uny Group Holdings Co. was approved by their shareholders Thursday, setting the stage for the creation of one of the nation's largest convenience store operators in September.
Following the approval at their respective shareholders' meetings held in Tokyo, FamilyMart, the country's third-largest convenience store chain, will absorb its smaller rival to launch FamilyMart Uny Holdings Co.
The combined number of convenience stores held by FamilyMart and Uny, which operates the Circle K Sunkus chain, stands at around 18,000, coming closer to the over 18,600 outlets that industry leader Seven-Eleven Japan Co. boasted at the end of March.
FamilyMart Chairman Junji Ueda, 69, is expected to become president of the new holding company. FamilyMart President Isamu Nakayama, 58, and Uny President Norio Sako, 58, will both become vice presidents.