JAPAN: Kirin Holdings agrees Lion Nathan takeover

By just-drinks.com editorial team | 27 April 2009

Japanese brewer Kirin Holdings has agreed to buy up the remaining shares in Australia's Lion Nathan for A$3.3bn.

Kirin said today (27 April) that it would 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).

If the deal is approved by competition authorities in Australia and New Zealand, as well as Lion Nathan shareholders and the Australian courts, Kirin said that it will delist Lion Nathan from the two countries' stock exchanges.

Kirin president and CEO Kazuyasu Kato said: "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."

The Japanese brewer said that, with Lion Nathan as a wholly-owned subsidiary, its annual sales for Australasia will be A$5.6bn.

Last week, Lion Nathan raised its full-year profits guidance after announcing that net sales for the six months to the end of March rose by 5.5% to A$1.18bn (US$847m). Net profits after tax increased by 7%, to A$178m, for the period.

Kirin acquired a 46% stake in Lion Nathan, which owns the XXXX and Tooheys beer brands, in April 1998.

Sectors: Beer & cider

Companies: Lion Nathan, Kirin