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Japan’s second-largest convenience store operator FamilyMart Co. will become a wholly owned subsidiary of top shareholder Itochu Corp. after the trading house succeeded in its tender offer for the retailer’s shares.

The deal will lift Itochu’s stake in FamilyMart to 65.7 percent from 50 percent, allowing the trading company to begin the process of delisting the convenience store operator from the first section of the Tokyo Stock Exchange and take it private, the company said in a statement Tuesday.

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