The battle for Japaneseconsumer giant Kanebo and its cosmetics
division has been narrowed down to three players that include
Japanese personal care giant Kao, and investment groups that
include European and US companies.
Kanebo, the Japanese consumer and household goods company, looks
set to be rescued with rivals L'Oreal, P&G, Kao, Shiseido and
Kosé all trying to get in on the rescue bid to rehabilitate the
company, reports reports Simon...
Japanese textiles and cosmetics group giant Kanebo has admitted to
inflating profits by about $2 billion over the five-year period to
March 2003, in what could be Japan's largest accounting fraud
involving a non-financial firm.