AUS/NZ: Buy-back binned as Lion eyes targets
Lion Nathan has postponed plans to buy back shares worth A$200m (US$155m) as it eyes acquisition targets in Australia and New Zealand.
The Trans-Tasman beer and wine group, which last year missed out on buying RTD producer Independent Liquor, said today (9 February) that it would not go ahead with plans to buy back the shares.
Lion said the plans have been put on hold "for the time being" as it evaluates "corporate development opportunities" in beer, fine wine, spirits and RTDs. The company gave no specific information on any acquisition targets.
Analyst JP Morgan reportedly said today that possible acquisition targets could include Bluetongue Brewery and fellow craft brewer Little World Beverages, in which Lion holds a 34% stake.
Yesterday, Lion posted results from what it called a "solid" first quarter. Sales volumes in Australia rose 3.3% for the three months to 31 December.
In New Zealand, however, Lion said its first-quarter performance was "mixed". Beer volumes dipped 0.7% due to "intense price discounting" and falling on-trade sales.
Lion Nathan today reconfirmed its full year guidance for net profit on the back of a small increase in beer sale volumes for the first nine months....
The CEO of niche Australian brewer Little World Beverages has resigned from the business....
Bibendum has added two new single-estate English wines that use the company's north London home as a namesake....
Kirin Brewery Co. aims to keep its 46.1% stake in the Australian brewer Lion Nathan, according to The Australian Financial Review....
Kirin Holdings, the umbrella company to Kirin brewery, has upgraded its forecasts for the first half of this year....
Diageo has reaffirmed its full-year guidance in its latest trading update....
Bibendum has appointed an addition to its board of directors....
Lion Nathan is toasting a buoyant set of figures for its half-year in spite of rising commodity costs....
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