JAPAN/AUS: Asahi Group to buy P&N Beverages in revised deal
Asahi will acquire P&N Beverages Australia, the third largest soft drink company by volume in Australia
Asahi Group Holdings has entered into a fresh agreement to purchase P&N Beverages in a JPY16.3bn (US$202m) deal that has been revised to satisfy Australia's competition watchdog.
Asahi plans to acquire P&N Beverages Australia, the country's third largest soft drink company by volume in a revamped deal to satisfy the country's regulators. In March, The Australian Competition and Consumer Commission (ACCC) opposed the proposed acquisition due to concerns about possible effects of the deal on the countrys' soft drinks market, and particularly the CSD sector.
As a result, Asahi has agreed to sell P&N's CSD and cordial businesses to Tru Blu Beverages, which will result in Asahi acquiring the water and juice businesses of P&N.
The deal is part of Asahi's long-term strategy to grow its business outside of Japan. The firm said that it aims to increase its global net sales from JPY2tn to JPY2.5tn by 2015.
The P&N acquisition remains subject to regulatory approvals from the Australian Competition & Consumer Commission and the Foreign Investment Review Board.
Asahi expects to complete the deal in September.
The firm also announced a deal this morning to acquire New Zealand's Charlie's Group. Reports have also surfaced that the company is in talks to acquire Malaysian PepsiCo bottler Permanis.
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