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Kirin diversification on track as shareholders reject activist's proposals


TOKYO (Reuters) - Kirin Holdings shareholders overwhelmingly rejected on Friday an activist investor’s proposal that the Japanese beverages maker exit businesses outside beer and use the sales proceeds to repurchase its shares.

London-based Independent Franchise Partners (IFP), which owns a 2% stake in Kirin, had called on the company to shed its recent investments in cosmetics and drugs, and use the proceeds to buy back shares held in its treasury worth 600 billion yen ($5.54 billion).

The results allow Kirin to push ahead with its strategy of expanding into areas such as biotechnology, pharmaceuticals and cosmetics in an attempt ...


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