Asahi Breweries is set to turn its soft drinks unit into a fully-owned division, following the closure of its tender offer.

The Japanese company said yesterday (6 December) that it has completed the offer to acquire the remaining shares it did not already own in Asahi Soft Drinks. Asahi Breweries said in October that it would offer JPY2,120 per share for the outstanding shares. The offer cost Asahi Breweries JPY51.57bn (US$461.9m).

The brewer now owns 97.44% of Asahi Soft Drinks' shares, up from 51.18% prior to the tender.

Earlier this year, Asahi posted a 9.9% rise in group net profit for the first nine months of 2007, which came in at JPY34.12bn. The increase came on the back of growing sales, up by 1.7% to JPY1.08 trillion.