JAPAN: Kirin Holdings bids to up San Miguel stake
Kirin Holdings has announced that it is planning to launch a tender offer for more shares in San Miguel Brewery, potentially raising its stake in the Philippines brewer to 49%.
Kirin, which has already agreed a deal to buy 43% of San Miguel Brewery (SMB) for PHP59bn (US$1.2bn), said late last week that it will launch a tender offer to acquire all remaining shares owned by SMB parent firm, San Miguel Corp.
If successful, Kirin's stake in SMB will rise to 49%. The Japanese brewer said that it planned to offer PHP7.8bn ($161m) for the extra shares and hopes to complete both deals by the end of May.
"Kirin Group's long-term business vision, as outlined in 'Kirin Group Vision 2015', is to be a leading company in Asia and Oceania," said Kirin.
Separately, Kirin said last month that it would sell its 20% stake in San Miguel Corp for approximately PHP39.6bn to Q-Tech Alliance Holdings, a Philippines-based investment group.
San Miguel Corp has also begun a process of wholly divesting its domestic beer assets to SMB, for a total PHP39bn. SMB has said it plans to launch a PHP38.8bn bond to finance the deal.
A Kirin spokesperson told just-drinks last month that the firm plans to source 30% of its beer sales from outside of Japan by 2015. It estimates that 24% of sales will come from other countries in 2009.
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