JAPAN: Kirin buys into Mercian wine company
Kirin Brewery has launched a friendly bid to buy a majority stake in wine company Mercian Corp.
The Japanese brewer said today (16 November) that it will buy 50.12% of the shares available in Mercian in a deal worth an estimated JPY24.79bn (US$210m). Mercian's board has also announced that it will agree to Kirin's tender offer, which will run between tomorrow and 18 December.
"We aim to become the strongest comprehensive liquor group in Japan," said Kirin's president Kazuyasu Kato. "We will improve our position in the domestic market (through the purchase) and solidify groundwork for mid- and long-term growth."
Earlier this year, Kirin Brewery posted a 20% leap in profits for the first half of the year. The company subsequently upped its full-year sales forecast to JPY1.68 trillion and maintained its profit outlook at JPY117bn.
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