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Shiseido To Drop Bid for Kanebo

December 9, 2005

TOKYO: Shiseido Co., one of Japan’s largest cosmetics maker, has decided to withdraw from a series of tenders for Kanebo Ltd. and Kanebo Cosmetics Inc. to be held shortly by the state-backed Industrial Revitalization Corp. of Japan, company sources said. They added that Shiseido has decided that acquiring its one-time archrival would not provide many synergy effects.
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