Once Bart

Tokyo shares hit a five-year high in midday trade on Monday, buoyed by strong gains in the retail sector following news of a planned takeover. The benchmark Nikkei 225 average was up 0.8 per cent to 16,062.67, while the broader Topix index was 0.7 per cent higher at 1,648.59.

Shares of Seven & I Holdings were untraded with a glut of orders, after the world's largest convenience store operator said it would buy a 65 per cent stake in Millennium Retailing, which runs the Seibu and Sogo department stores, for Y131.1bn. Seven & I will buy the 65 per cent stake in Millennium from Nomura Principal Finance, a private equity fund, on January 21......Buying control of Millennium would make Seven & I Holdings Japan's largest retailer by sales, surpassing industry leader Aeon.......