JAPAN: Morgan Stanley to acquire 1.5% in Sapporo
The investment bank Morgan Stanley is to acquire a 1.5% stake in the Japanese brewer Sapporo Holdings by the end of the year.
The stake is part of a deal between the two businesses to work on Sapporo's real estate business and may see Morgan Stanley up the stake to 5% in the future.
As part of the plan to expand the real estate business, Morgan Stanley will also buy a 15% stake in Yebisu Garden Place, Sapporo's flagship commercial property in downtown Tokyo for US$437m.
Kirin Holdings and Sapporo Holdings are looking to merge their beer distribution in the north of Japan, according to local reports....
Domestic shipments of beer and beer-like products in Japan registered a fall in the first three months of 2008, according to recent figures....
Steel Partners has backed down from pushing for a majority stake in the Japanese brewer Sapporo Holdings but sweetened its offer in order to capture a one-third stake in the business instead....
Domestic shipments of beer and beer-like beverages in Japan rose slightly last month ahead of further price rises in the country, according to recent figures....
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