AUS/NZ: Asahi sues over alleged Independent Liquor "deception"
By Peter Saunders | 15 February 2013
 |
Asahi is chasing the "maximum recovery of losses" over its Independent Liquor buy |
Asahi Group has filed a lawsuit accusing the previous owners of its Independent Liquor division in New Zealand with “misleading and deceptive conduct” related to the sale price.
The Japanese firm, which bought RTD producer Independent in September 2011 from Pacific Equity Partners and Unitas Capital for NZD1.5bn, is seeking “maximum recovery of losses” after claiming that the two private equity firms falsely represented Independent's financial position. Pacific Equity and Unitas have denied the charges.
Asahi claimed this week that Independent's EBITDA had been inflated. Atsushi Katsuki, managing director of Asahi Holdings Australia, said the company had relied on the financial figures it was provided with during the sales process.
Pacific Equity and Unitas believe, however, that three months of due diligence before the sale made every detail available to Asahi's financial advisers.
The case is scheduled to be heard at the Federal Court in Victoria on 8 March.
Expert analysis
Asahi Breweries, Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
Datamonitor's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage.
Sectors: Spirits
Companies: Asahi
View next/previous articles
15 Feb 2013 -
Currently reading -
AUS/NZ: Asahi sues over alleged Independent Liquor "deception"
15 Feb 2013 -
Related research
Datamonitor's Asahi Breweries, Ltd. - SWOT Analysis company profile is the essential source for top-level company data and information. Asahi Breweries, Ltd. - SWOT Analysis examines the company’s key business structure and operations, history and pr...
Datamonitor's Asahi Glass Co., Ltd. - SWOT Analysis company profile is the essential source for top-level company data and information. Asahi Glass Co., Ltd. - SWOT Analysis examines the company’s key business structure and operations, history and pr...
Asahi Breweries, Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
Datamonitor's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage....
Related articles
INDONESIA: Coca-Cola Amatil lines up investment
Coca-Cola Amatil has confirmed it will invest about AUD500m (US$492m) in Indonesia over the next three or four years.
AUS: Asahi buys craft brand Cricketers Arms - report
Asahi-owned Independent Distillers has acquired Australian craft beer brand Cricketers Arms, according to local reports.
CHINA: Tsingtao Brewery Co grows share in FY as sales, profits rise in 2012
Tsingtao Brewery Co has posted rising sales and profits for 2012, as volumes increased markedly in the year.
There are currently no comments on this article
Be the first to comment on this article