Japanese brewer Kirin Holdings has said it hopes to complete a buyout of all outstanding shares in Lion Nathan by October this year.

Kirin and Lion Nathan said today (11 May) that they have signed an implementation agreement, setting out the timetable for Kirin to make the Australian brewer its wholly-owned subsidiary.

If approved by Lion Nathan shareholders and regulatory authorities, the deal will be completed by October, Kirin said.

The Japanese brewer announced last month that it had agreed to pay A$11.50 per share for the 54% of shares in Lion Nathan that it does not already possess, representing a total price of A$3.3bn (US$2.36bn).

Independent directors of Lion Nathan, which brews the XXXX and Tooheys brands, have recommended that shareholders approve the deal, Kirin said.

Kirin president and CEO Kazuyasu Kato said last month of the takeover: "The proposal to acquire the shares in Lion Nathan we do not already own is a logical next step in achieving our long term growth strategy of becoming a leading company in the areas of beverages, food and health across Asia and Oceania."