TOKYO, Jul. 6, 2009 (Kyodo News International) --
(Editors: ADDING DETAILS)
Sapporo Holdings Ltd. said Monday that Morgan Stanley (NYSE:MS) Japan Securities Co. may consider selling its stake in the Japanese firm due to sour market and economic conditions.
But Sapporo said the Japanese beer maker will maintain its business alliance with the Japanese unit of the U.S. investment bank to jointly manage property and will work to persuade Morgan Stanley Japan to keep its shares.
Sapporo and Morgan Stanley Japan formed a capital and business tie-up in October 2007.
''We are not dissolving (our capital ties). We will urge (Morgan Stanley) to keep our shares and we believe they will increase their holdings once market conditions change,'' a Sapporo spokeswoman said.
Under the 2007 deal, a special purpose company created by a Morgan Stanley Japan real estate fund acquired a stake of around 1.8 percent of voting shares in Sapporo, as of last December.
It also bought a 15 percent stake in Yebisu Garden Place from Sapporo for joint management of the office and shopping complex in central Tokyo.
The fund was supposed to raise its stake to 5 percent by June 30, 2008. But in response to an inquiry by Sapporo, it said it may sell some or all of its Sapporo shares, the brewer said.
