To obtain an ester that is useful as industrial chemicals, fine chemicals such as pharmaceuticals, agrochemicals or their intermediates by reaction of an oxime ester with a hydroxy compound in the presence of a metal catalyst.

In the presence of a metal catalyst such as a compound of an element in group 3 in the periodic table, preferably in an amount of 0.05-0.2 mole, preferably additionally 1-3 moles of an enol ester of formula I (R1 is a non-reactive atom or non-reactive organic group; R5-R7 are each H, a 1-5C alkyl), 0.1-1.5 mole of an oxime ester of formula II (R2 and R3 are each a non- reactive atom or non-reactive organic group) is allowed to react with 1 mole of a hydroxy compound of the formula: R4OH (R4 is an organic group), preferably in a solvent such as benzene, toluene, xylene at 10-80°C to give an ester of formula III. After completion of reaction, this compound can be purified by filtration, concentration, extraction and the like.