Tokyo, Nov. 22 - Nissin Food Products Co. President Koki Ando said Thursday the company has no plans now to form a capital alliance with Japan Tobacco Inc.
"There are no plans for Japan Tobacco to hold a stake (in Nissin) immediately," he said at a press conference.
However, he left open the possibility that such a capital alliance will be considered over the longer term.
Earlier Thursday, Japan Tobacco and Nissin Food, an instant noodle maker, said they will join hands to buy Katokichi Co. (2873.TO) in a deal exceeding Y100 billion, hoping to create the leader in Japan's frozen food industry.
U.S. equity fund Steel Partners Japan Strategic Fund owns about 19% of Nissin.
Last year, Steel Partners launched a takeover bid for Japan's fourth-biggest instant noodle maker, Myojo Foods Co. The bid failed when Nissin rescued Myojo with a friendly tender offer.