Kirin Shareholders Reject Share Buyback in Blow to U.K. Investor


TOKYO—Shareholders at Japanese beer maker Kirin Holdings Co. soundly defeated a proposal by a London-based investor to unload the company’s health-care holdings and carry out a big share buyback.

Independent Franchise Partners, which owns a 2% stake, had called on Kirin to sell its one-third stake in cosmetics maker Fancl Corp. and its majority stake in pharmaceutical maker Kyowa Kirin Co. The investor also said Kirin should buy back ¥600 billion ($5.5 billion) worth of shares.

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