Itochu Corp. said Wednesday it will acquire the entire stake in FamilyMart Co. through a tender offer to survive tough competition in the retail business.

Itochu, which has a 50.1 percent stake in the convenience store chain, will spend about 580 billion yen ($5.39 billion) to take the remaining stake.

The trading house offers 2,300 yen per share for the tender offer from Thursday through Aug. 24.

==Kyodo

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