BRAZIL: Kirin Holdings Schincariol deal suspended - report
Kirin Holdings hits barrier in Schincariol deal
A judge has suspended Kirin Holdings' deal to take a controlling stake in Brazilian brewer Schincariol, pending a legal challenge, according to reports.
The Brazil-based judge has ordered an injunction on the BRL3.95bn (US$2.6bn) deal in order to examine its legality, said Japan's Nikkei newspaper on Saturday (6 August), citing Brazilian news agency Agencia Estado.
Earlier last week, Kirin announced that it would acquire a 50.45% stake in Schincariol, Brazil's second largest brewer behind Anheuser-Busch InBev's AmBev. The Japanese drinks group said it would buy the stake from Schincariol brothers Adriano and Alexandre.
However, the three remaining shareholders, also members of the Schincariol family, have called the deal illegitimate.
Kirin defended the deal. "Kirin is aware that these claims are being made," it said in a statement. "Based on prior consultations with local attorneys concerning the lawfulness and validity of the transaction, we have proceeded with the acquisition with the understanding that the transaction is legitimate.
"Kirin will continue to monitor this matter to ensure that it is handled properly."
One option for Kirin might be to buy the remaining Schincariol shareholders out of the business.
However, several analysts have said that Kirin is already overpaying to acquire control of a distant number two on the, albeit promising, Brazilian beer market.
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