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JAPAN'S SNOW BRAND, ITOCHU SUSPEND TALKS TO MERGE FROZEN FOOD OPS.
TOKYO, Nov 1 Asia Pulse - Snow Brand Milk Products Co. (TSE:2262) and Itochu Corp. (TSE:8001) have suspended the negotiations to integrate their frozen food businesses, The Nihon Keizai Shimbun learned Thursday.
The talks hit a snag because earnings at Aqli Foods Corp., a frozen food unit of Snow Brand, deteriorated in the aftermath of the beef-mislabeling scandal caused by the now-defunct Snow Brand Foods Co.
Snow Brand and Itochu now believe that integrating their frozen food operations this fiscal year as planned will not yield the expected results.
The two companies intend to make a final ...
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